Gold prices continue to hover around its five-month low, attempting to stabilise from recent sell-off despite another upmove in Treasury yields overnight. A pause in the US dollar rally may provide a catalyst for some breather, along with a reversion from near-term oversold technical conditions.
That said, there are no clear signs of a reversal yet, with the yellow metal trading below its 200-day MA for the first time this year. Its weekly RSI has also broken below the key 50 level for the first time since November 2022, which may still reflect sellers in greater control. Greater conviction for the bulls may have to come from a reclaim of its 200-day MA, while on the downside, the US$1,850 may be the next support level on the radar.
That said, there are no clear signs of a reversal yet, with the yellow metal trading below its 200-day MA for the first time this year. Its weekly RSI has also broken below the key 50 level for the first time since November 2022, which may still reflect sellers in greater control. Greater conviction for the bulls may have to come from a reclaim of its 200-day MA, while on the downside, the US$1,850 may be the next support level on the radar.
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