Gold price is licking its wounds early Thursday, holding close to the lowest level since mid-March set on Wednesday at $1,973. The United States Dolla
due later in the NA session at 20:00 GMT for any hints on the central bank’s interest rate policy. Several other Fed policymakers are also scheduled to take the rostrum and impact the US Dollar valuation, eventually influencing the Gold price action.Gold price confirmed a symmetrical triangle breakdown after closing Tuesday below the upward-sloping trendline at $1,908.
A Death Cross, confirmed earlier in the week after the 50-Daily Moving Average crossed below the 200 DMA, justifies the ongoing bearish momentum in te Gold price. Any pullback from multi-month troughs will need to find validation at the August 21 low of $1,885. A sustained move above the latter will put the $1,900 mark back on Gold buyers’ radars.Alternatively, a decisive break below the $1,870 static support could reopen floors toward the $1,850 psychological barrier.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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