Gold price is rebounding firmly toward the $2,200 threshold in Monday’s Asian trading so far, as the US Dollar recovery takes a breather amid sluggish US Treasury bond yields and a mixed market mood.
Gold price rebounds early Monday, snapping two-day corrective declines. US Dollar retreats with US Treasury yields, tracking USD/JPY lower. Upside risks intact for Gold price amid bullish daily technical setup. Gold priceis rebounding firmly toward the $2,200 threshold in Monday’s Asian trading so far, as the US Dollar recovery takes a breather amid sluggish US Treasury bond yields and a mixed market mood.
At first, Gold price needsto recapture the $2,200 threshold, following the record high at $2,223. The 14-day Relative Strength Index , is seeing a fresh uptick while within the positive territory, indicating more upside on the cards. On the flip side, immediate support is seen at the previous day’s low of $2,157, below which the Bull Flag resistance at $2,150 will be challenged. A sustained move below the latter will put the Bull Flag support of $2,140 at risk.
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