Gold price is on a three-day corrective decline from record highs of $2,484 on Friday, paring back weekly gains amid a solid rebound staged by the US Dollar (USD) alongside the US Treasury bond yields.
Gold price extends correction from all-time highs of $2,484, paring weekly gains early Friday. The US Dollar rebounds firmly with US Treasury bond yields amid risk-aversion and Fed uncertainty. Gold buyers stay hopedul as the daily RSI still holds above 50, ‘buy the dips’? Gold price is on a three-day corrective decline from record highs of $2,484 on Friday, paring back weekly gains amid a solid rebound staged by the US Dollar alongside the US Treasury bond yields.
The previous week’s 21-day and 50-day Simple Moving Averages Bull Cross also continues to lean in favor of Gold buyers. The immediate support for Gold price is seen at the previous week’s high of $2,425. A sustained move below that level could accentuate the downside toward the 21-day SMA at $2,373. Ahead of that, the $2,400 mark could come into play.
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