Gold prices saw a decline on Monday after hitting a five-day high of $1,973 on Friday. However, prices remained within last week's range, as investors turned cautious ahead of the US Consumer Price Index (CPI) and policy announcements of the United States Federal Reserve.
The bearish 89-day Moving Average (EMA) has been causing rejection, with the 14-day Relative Strength Index (RSI) below the midline, indicating a bearish bias in the near term.
However, a daily close above the 89 EMA could eliminate the possibility of a drop and trigger a new uptrend towards Friday's high of $1,973, with a challenge to the June 2 high of $1,983. Additionally, Gold buyers will aim to reclaim the resistance at $1990.
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Gold is looking to rise again from the $ 1955 mark. Back to 1980$ in the near future