The gold price on Tuesday (22/6) has the potential to rebound by moving to the support and resistance levels of US$1,760-US$1,800 per troy ounce.

"Some market participants took advantage of the massive fall in gold prices to repurchase at lower prices," said Commodity Observer Ariston Tjendra in Jakarta.

Ariston added, the thought that the US Central Bank will still maintain its monetary easing policy for a while maybe a consideration for buying gold again.

On the other hand, the downward pressure has not entirely disappeared. Last night, US central bank officials still stated the potential for changes in US monetary policy towards a tighter direction.

"It seems that the discussion about monetary tightening at the US central bank will be more intensive in the future," said Ariston.