Gold whipsawed after Fed Vice Chair Richard Clarida’s hawkish comment on the US recovery.
The price is holding on to its gains above 1805. A previously oversold RSI has prompted buyers to bid the dip in this demand zone. Now buyers are looking to accumulate chips once more.
The double top at 1832 would be the last hurdle as a breakout could propel the precious metal towards 1860.
On the downside, 1793 at the lower end of consolidation is a key floor in case of the market’s prolonged hesitation.
