Technical analysis: Gold price sellers regain control as prices are headed toward $2,300

Gold price is neutral to downwardly biased as the Head-and-Shoulders chart <wbr>pattern remains in place, suggesting the stage is set for further downside. Although momentum shows buyers’ recovery, the Relative Strength Index (RSI) remains bearish, suggesting that the uptrend could be short-lived and open the door for further losses.

If Gold extends its gains past the June 7 cycle high of $2,387, it will be ready to test the $2,400 figure. Conversely, if XAU/USD drops below $2,300, the first support would be the May 3 low of $2,277, followed by the March 21 high of $2,222. Further losses lie beneath, as sellers would eye the Head-and-Shoulders chart pattern objective at around $2,170 to $2,160