XAUUSD daily close above $2,200 for a sustained uptrend

• Technical analysis XAUUSD
  

Gold price is duplicating the move seen in Wednesday’s Asian trading, as it edges lower below $2,200 early Wednesday. Gold capitalizes on sustained US Dollar strength and a rebounding US Treasury bond yields struggle, as traders take account of the latest hawkish US Fed commentary.

The short-term technical outlook for Gold price leans in favor of buyers with ‘buy-the-dip’ trading likely to continue.

As the Bull Flag remains in play, Gold price keeps the measured target at $2,251 in sight.

Before that level, Gold price needs to recapture the $2,200 threshold on a daily closing basis. Acceptance above that level will put the record high at $2,223 at risk.

The 14-day Relative Strength Index (RSI), is flirting with the overbought threshold, suggesting that there is enough room for the upside.

On the flip side, any retracement will likely find immediate support at the March 22 low of $2,157, where the bullish 21-day Simple Moving Average (SMA) aligns.

Further down, the $2,147 support will be a tough nut to crack for Gold sellers. The last line of defense for Gold buyers is seen at the $2,140 round figure.

• Financial analysis XAUUSD
  

Fed Governor Christopher delivered a hawkish message while speaking about monetary policy at the Economic Club of New York. His comments fuelled a fresh uptick in the US Treasury bond yields and added to the US Dollar upside while weighing on the non-interest-bearing Gold price.

Waller said "there is no rush to cut the policy rate,” adding that the “Fed may need to maintain current rate target for longer than expected.” Markets are now pricing about a 64% probability that the Fed will begin cutting rates in June, down from a 70% chance seen a day ago.

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