Gold price is consolidating its week-long run of losses while languishing at its lowest level in seven months below $1,820. The underlying bullish ton
Gold price remains battered for a seventh day in a row early Tuesday, as the US Dollar keeps rallying alongside the US Treasury bond yields on the back of encouraging signs of a resilient United States economy.
Early Tuesday, Gold price remains vulnerable to further downside risks, tracking the unabated demand for the US Dollar amid an extended risk-averse market scenario in the Asian trading. A Golden Week holiday in China is corroborating with the downbeat momentum in Gold price while traders remain wary ahead of the US JOLTS Job Openings data release., critical to determining the next US Dollar direction and Gold price trend in the coming weeks.
Failure to find acceptance above the $1,850 barrier could reinforce the selling interest around Gold price. The immediate support is now seen at the $1,810 level, where the March 8 low aligns.The 100-Daily Moving Average is looking to cross the 200 DMA from above, in a sign of further bearishness for Gold price.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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