Gold price is likely to face further loss this week and go down towards $1,855 an ounce. On the daily chart basis, the Relative Strength Index (RSI) indicator fell to its lowest level since late April, suggesting that buyers are having a hard time staying in control. Additionally, gold tested the ascending trend line coming from early May for the third time on Friday. A daily close below that line, which is currently located around $1,873, could open the door for additional losses toward $1,855 (June 4 low) and $1,840 (200-day SMA). On the flip side, a tough resistance seems to have formed at $1,900, a psychological level. In case buyers manage to lift the price back above that level, the next target could be seen at $1,916 (June 1 high). In the coming week, May Retail Sales will be the first data of the week from the US that could potentially impact the greenback’s market valuation on Tuesday. More importantly, the US Federal Reserve will announce its interest rate decision and publish the monetary policy statement alongside the updated summary of projections. A hawkish shift in the Fed’s tone amid an improved economic outlook and rising price pressures could provide a boost to the USD and weigh on gold in the second half of the week. Gold spent the first half of the last week trading in a relatively tight range as buyers could not hold the price above $1,900. Following a sharp decline to a six-day low of $1,869 on Thursday, gold managed to stage a recovery and closed the day in the positive territory. Nevertheless, the renewed dollar strength on Friday forced gold to drop to $1,878.80 and post losses for the second straight week.