FX.co ★ Technical review for XAU/USD: price could decline again

Gold is under pressure because the latest report on US inflation is likely to force the Fed to keep on increasing interest rates aggressively, which supports dollar.

Technical picture:

The quote is currently below the middle line of the Bollinger indicator, under the SMA 5 and SMA 14. The relative strength index (RSI) is also below 50% and is declining.

Possible dynamics:

Dipping below 1846.70 will prompt a further fall to 1830.80.