Gold is stalling ahead of US inflation data expected later today. A bearish MA cross on the daily chart weighs on overall sentiment.
The bulls have been eager to buy the dips in the demand zone from last November’s lows (1760). Meanwhile, an oversold RSI may attract some buying interest. However, they will need to lift offers around 1806 before they could hope to turn things around.
A bearish breakout would invalidate last month’s rally and send the precious metal to 1730, a major floor that keeps the price afloat in the medium term.
