XAUUSD Lacks Support

Gold extended losses as expectations for higher interest rates grew. The break below 1823 has forced leveraged buyers to liquidate their positions, stirring up volatility in the process.

The price is heading towards the origin of the November rally at 1760. A bullish RSI divergence shows that the downward pressure could be waning.

As the RSI dips into the oversold territory, buyers have started to bid again from the demand area. 1812 is a key hurdle to lift or the metal could plunge to September’s low at 1730.

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