From a technical perspective, the post-FOMC rejection near the 50-day Simple Moving Average (SMA) and negative oscillators on the daily chart favor bearish traders. That said, failure to find acceptance below the $2,300 mark warrants some caution. Hence, it will be prudent to wait for some follow-through selling below the $2,285 horizontal support before positioning for any further losses. The Gold price might then accelerate the fall towards the next relevant support near the $2,254-2,253 region. The downward trajectory could extend further towards the $2,225-2,220 area en route to the $2,200 round figure.
On the flip side, any meaningful recovery is likely to confront resistance near the $2,325 area. This is followed by the 50-day SMA support-turned-resistance, currently pegged near the $2,345 region and the $2,360-2,362 supply zone. A sustained strength beyond the latter should allow the Gold price to retest last week’s swing high, around the $2,387-2,388 area, and aim to reclaim the $2,400 mark. Some follow-through will negate any near-term negative bias and allow the XAU/USD to challenge the all-time peak, around the $2,450 region touched in May
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