Gold price struggles to capitalize on Monday’s gains amid some follow-through USD buying. Rising bets for a September Fed rate cut move should help limit the downside for the metal. Fed Chair Powell’s speech eyed for some impetus ahead of FOMC minutes on Wednesday. Gold price attracted some dip-buyers near the $2,319-2,318 region and ended in the green at the start of a new week amid bets for a September interest rate cut by the Federal Reserve .
Technical Analysis: Gold price continues to face resistance near 50-day SMA pivotal resistance From a technical perspective, the Gold price, so far, has been struggling to make it through the 50-day Simple Moving Average pivotal resistance. The said barrier is currently pegged near the $2,337-2,338 region and should act as a key pivotal point. A sustained strength beyond should pave the way for a move towards the next relevant hurdle near the $2,360-2,365 supply zone.