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 intact, hinting that the golden metal could dip below the $2,200 mark. Momentum shows that sellers are gathering steam with the Relative Strength Index (RSI) diving further into bearish territory, opening the door for further losses.

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 from $2,170 to $2,160