The price of gold may continue to track the negative slope in the 50-Day SMA ($1740) as it reverses ahead of the moving average.

After struggling for direction for much of the day, U.S. stocks pushed higher in late trading, but finished the day off the session’s best levels.

Oil prices rally and extend their rebound that began last week, approaching a key resistance near the $91.00 level. Price reaction in this area could determine the near-term technical outlook.

Stocks are rebounding Wednesday after Tuesday’s dismal session.

The indexes are mixed following yesterday’s selloff, with investors looking at the Federal Reserve meeting for its next cues.

The relentless rise in US bond yields is weighing on the price of gold and the next break lower could see lows made in April 2020 come into play.

Higher than expected US inflation data sent risk assets tumbling yesterday as the Fed receives further ammunition to hike rates aggressively next week