The price of gold is gently declining below $2,350 in Wednesday's Asian trading session, following its new record high of $2,365 on Tuesday. Gold traders seem to have pocketed profits after a relentless rally and ahead of the highly anticipated release of the US CPI inflation data.
On the 4-hour chart, overbuying pressure has begun to weigh on XAU/USD. Technical indicators remain at multi-month highs, albeit losing some upward momentum, yet failing to clearly define a temporary bottom.
Simultaneously, this currency pair continues to advance along the Simple Moving Average (SMA) lines, with no signs of giving
On the 4-hour chart, overbuying pressure has begun to weigh on XAU/USD. Technical indicators remain at multi-month highs, albeit losing some upward momentum, yet failing to clearly define a temporary bottom.
Simultaneously, this currency pair continues to advance along the Simple Moving Average (SMA) lines, with no signs of giving
