Gold comes under renewed pressure on hawkish Fed / debt ceiling deal hopes

Gold dips further on Tuesday, as renewed hawkish stance from Fed and optimism about debt ceiling deal improve risk sentiment and inflate dollar.

Fresh weakness eyes pivotal $1950 zone (lows of last Thu/Fri) and Fibo support at $1944 (50% retracement of $1809/$2080 rally), violation of which would add to reversal signals risk deeper fall towards targets at $1931 (100DMA) and $1926 (daily cloud base).

Weakening daily studies (rising negative momentum / daily Tenkan/Kijun-sen bear-cross) maintain near-term bearish outlook.

The price penetrated thick rising daily Ichimoku cloud and needs close within the cloud to confirm signal.

Strong resistance at $1975 (daily cloud top / former higher base) should cap upticks to keep bears in play.

Res: 1975; 1986; 1990; 2000
Sup: 1951; 1944; 1931; 1926