XAUUSD price broke below $1,644, 23.6% Fibonacci Retracement (Fibo) level of the October decline from the $1,730 peak.
Therefore, bears keep their sight on the October low at $1,617, below which the focus remains on the 2022 low at $1,615.
The 14-day Relative Strength Index (RSI) is inching higher while below the 50.00 level, suggesting that the rebound is likely to remain short-lived.
On the upside, the immediate resistance is seen at the abovementioned 23.6% Fibo level, above which taking out the $1,650 psychological level will be critical to unleashing the additional recovery.
The confluence of the bearish 21-Daily Moving Average (DMA) and the 38.2% Fibo level at around $1,662 will be a tough nut to crack for bulls.
Overall, gold price action is likely to remain sideways, as investors will turn cautious heading into the all-important Fed rate hike decision.
Therefore, bears keep their sight on the October low at $1,617, below which the focus remains on the 2022 low at $1,615.
The 14-day Relative Strength Index (RSI) is inching higher while below the 50.00 level, suggesting that the rebound is likely to remain short-lived.
On the upside, the immediate resistance is seen at the abovementioned 23.6% Fibo level, above which taking out the $1,650 psychological level will be critical to unleashing the additional recovery.
The confluence of the bearish 21-Daily Moving Average (DMA) and the 38.2% Fibo level at around $1,662 will be a tough nut to crack for bulls.
Overall, gold price action is likely to remain sideways, as investors will turn cautious heading into the all-important Fed rate hike decision.