XAU/USD approaches $1,980 as USD Index extends losses on Fed’s dovish guidance
Gold price has shown a stellar recovery after sensing significant buying interest around the demand zone placed in a range of $1,933.90-1,938.40 on an hourly scale. The asset is marching towards the critical resistance plotted from March 20 high at $2,009.88.
A bull cross, represented by the 20-and 50-period Exponential Moving Averages (EMAs) at $1,954.39, adds to the upside filters.
The Relative Strength Index (RSI) (14) is oscillating in the bullish range of 60.00-80.00, which indicates more upside ahead.
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