Gold price (XAU/USD) remains under some selling pressure for the second successive day and drops to over a one-week low during the Asian session on Wednesday.
Gold price drifts lower for the second straight day amid the Fed ’s hawkish outlook. A September rate cut by the Fed remains on the table, which caps gains for the USD. Persistent geopolitical tensions contribute to limiting the downside for the XAU/USD. Gold price remains under some selling pressure for the second successive day and drops to over a one-week low during the Asian session on Wednesday.
Moreover, oscillators on the daily chart have again started gaining negative traction, suggesting that the path of least resistance for the Gold price is to the downside. That said, it will still be prudent to wait for a sustained break below a short-term ascending trendline support, currently pegged near the $2,310 area, before positioning for further losses. The XAU/USD might then weaken further below the $2,300 mark and retest the monthly swing low, around the $2,287-2,286 region.
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