Gold price is seeing a recovery move after gauging support below $1,960 as the US Dollar index is losing upside momentum. Investors are expecting neutral policy guidance from Fed’s Powell. The end-of-the-week flows are also likely to affect the Gold price action. Gold price yielded a daily closing below the bullish 50-Daily Moving Average (DMA) support, then at $1,985 on Thursday. The downside break of the latter triggered a fresh selling wave in Gold price, as sellers challenged the critical $1,950 demand area. At the time of writing, Gold price is attempting a dead cat bounce, as the 14-day Relative Strength Index (RSI) is showing some signs of recovery. With RSI, however, still below the midline, any recovery attempts are likely to be sold into.
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