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XAU/USD Grinds Resistance

Gold retreated after Fed officials echoed hawkish sentiments. On the daily chart, the price is grinding the major supply zone around 1930 from last April’s sell-off. The RSI has ventured again into the overbought area and may prompt buyers to start to take chips off the table. 1895 is the first support on the hourly chart and a bounce above 1930 would renew the bullish pressure and send bullion to 1975, which is only a step away from its 9-month high of 1995. 1870 would be another support in case the metal runs out of steam.

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