Gold price (XAUUSD) remains depressed at around $1,770 while justifying the previous day’s bearish candlestick formation, as well as sluggish market conditions, during Tuesday’s Asian session.
The yellow metal’s latest weakness could also be linked to the mixed comments from the US Federal Reserve (Fed) officials, as well as fears surrounding China.
Technical analysis
Gold price justifies the previous day’s bearish Doji candlestick, as well as the oversold conditions of the Relative Strength Index (RSI), located at 14, while printing mild losses.
That said, the Gold price could approach September’s high surrounding $1,735 during further downside, as the Moving Average Convergence and Divergence (MACD) also appears to ease the bullish bias.
However, the previous resistance line from late April, around $1,703 at the latest, could challenge the further downside of the Gold price.
Alternatively, a daily closing beyond the previous day’s high near $1,775 could recall the bullion buyers.
Even so, a convergence of the 200-DMA and multiple levels marked since mid-May, around $1,805-08, appears a tough nut to crack for the Gold price to cross before convincing the buyers.
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