Gold price clings to the previous recovery gains while defending the $2,450 psychological level early Friday, as optimism extends into Asia following strong US Retail Sales and Jobless Claims data released on Thursday.
Gold price stays supported above $2,450, as buyers refuse to give up. The US Dollar and Treasury bond yields take a breather after Thursday’s solid rebound. US economic data eased recessionary fears, liftingrisk sentiment and the US Dollar. Gold price needs a weekly close above $2,470 to confirm a symmetrical triangle breakout.
Gold price technical analysis: Daily chart The short-term technical outlook for Gold price remains more or less the same, as the upper boundary of a symmetrical triangle formation near $2,470 continues to act as a tough nut to crack for Gold buyers. Buyers await daily closing above that level to confirm a triangle breakout. The 14-day Relative Strength Index holds firm above the 50 level, adding credence to the bullish potential in Gold price.
XAUUSD Fed Commodities Riskappetite
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gold Forecast: XAU/USD down but not out, focus shifts to US inflation dataGold price is retreating from near a one-week high of $2,473 set on Monday, as traders lock in gains ahead of the key US inflation reports.
Read more »
Gold Price Forecast: XAU/USD holds above $2,450 ahead of US CPI dataGold price (XAU/USD) trades with mild gains near $2,465 during the early Asian session on Wednesday.
Read more »
Gold Price Forecast: XAU/USD holds on to modest gains above $2,450Spot Gold trades with modest gains in the American afternoon, having experienced some early volatility.
Read more »
Gold Price Forecast: XAU/USD holds steady above $2,450 on positive Retail Sales dataGold price (XAU/USD) flat lines near $2,455 during the early Asian session on Friday.
Read more »
Gold Forecast: XAU/USD eyes a sustained move above $2,450 and US Nonfarm PayrollsGold price is gathering pace to resume the recent upside early Friday, following a flattish close on Thursday.
Read more »
Gold Forecast: XAU/USD downside appears capped whilst above $2,410Gold price remains on the defensive for the third day in a row, kicking off the week cautiously early Monday.
Read more »