Fed continues to raise interest rates - any chance for gold

While the United States labor market report defends downside bias for the Gold Price, the policymakers’ ability to avoid the ‘catastrophic’ default keeps the metal buyers hopeful, especially amid the downside US Dollar and Treasury bond yields.

Gold Price technical analysis
Gold Price has a bumpy road to travel towards the south despite reversing from a 12-day-old horizontal resistance, around $1,985-87.

The reason could be linked to the below 50.0 levels of the Relative Strength Index (RSI) line, placed at 14, as well as an 11-week horizontal support zone near $1,937-32 that also comprises the previous resistance line stretched from early May.

Even if the XAU/USD breaks the aforementioned horizontal support zone, the 61.8% Fibonacci retracement level of its March-May upside, near $1,913, will precede the $1,900 round figure and the mid-March swing low of around $1,884 to challenge the Gold bears.

On the contrary, the Gold Price upside beyond the aforementioned horizontal resistance area surrounding $1,985-87 isn’t an open invitation to the buyers as the 200-bar SMA level of around $1,990 and the $2,000 psychological magnet can restrict the bullion’s north-run.

In a case where the XAU/USD remains firmer past $2,000, multiple hurdles near $,2010 and $2,050 can act as the last defenses of the bears.

Overall, Gold prices appear to have limited downside room and can lure the short-term recovery.

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