The Gold price remains neutral to downwardly biased as the Head-and-Shoulders chart <wbr>pattern remains in place, hinting that the non-yielding metal price is set for further losses. Momentum as measured by the Relative Strength Index (RSI) shows that sellers are in charge, an indication that once XAU/USD’s price drops below $2,300, lower prices lie ahead.
Gold’s first support would be $2,300. Once cleared the next stop would be the May 3 low of $2,277, followed by the March 21 high of $2,222. Further losses lie beneath, as sellers would eye the Head-and-Shoulders chart pattern objective at around $2,170 to $2,160.
On the flipside, if XAU/USD soars past the June 7 cycle high of $2.387, that paves the way to test the $2,400 figure
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