Gold price continued its downtrend, the dollar rebounded after US inflation data.
The US Department of Labor said the consumer price index (CPI) increased 3.2% in the 12 months to July 2023, up from 3% increase in June 2023, the smallest annual increase since July 2023. March 2021.
Technically, nothing seems to change for Gold prices in the near-term, as the bearish 14-day Relative Strength Index (RSI) continues to favor the downside.
Therefore, any decline in the price of Gold will be seen as a good selling opportunity.