XAUUSD
Eyes on Fed Minutes Looking ahead, the downside risks remain intact for Gold price amid a bearish technical setup on the daily chart and unnerved markets ahead of the eagerly awaited July Fed Meeting's Minutes, as it could throw fresh light on the Federal Reserve's future policy path. Meanwhile, the US housing data will be also closely followed, as the Fed remains data-dependent in its policy approach.
On Tueasday, Gold price closed below the all-important 200-Daily Moving Average (DMA) at $1,905 for the first time since December 15, 2022, suggesting that it could be beginning of a fresh downtrend for the coming months.
Adding credence to the bearish potential in Gold price, the downward-sloping 21 DMA is set to cut the 50 DMA from above, which could confirm a Bear Cross on a daily closing basis.
The immediate support is seen at the two-month low of $1,893 will be tested.
A sustained break below the latter will expose the March 15 low of $1,886.
Meanwhile, any pullback in the Gold price will be seen as a gold selling opportunity.
Gold price needs to crack the $1,920 round figure to initiate any meaningful recovery. The next upside target could be seen at $1,930 supply zone.