Gold struggles to hold onto its gains as the US dollar pushes towards fresh year-to-date highs.
The recovery has met stiff selling pressure near 1830, a supply zone from last June’s sell-off. The RSI divergence was a sign that the rally was losing steam. The subsequent break below 1805 came in as a confirmation that the bears were still around.
Below the psychological level of 1800 gold would be vulnerable to a new round of sell-off with 1770 as the target. 1824 is the resistance to break before a rebound could materialize.
