Gold price is licking its wound, having seen a dramatic fall to near $2,370 in Asian trading after the $2,400 threshold gave way.
Gold price sees a steep fall to $2,370, hits fresh 10-day lows early Thursday. China’s economic woes-driven risk-aversion triggers ‘sell everything mode.’ US Dollar bears the brunt of the Japanese Yen carry trade unwinding. Gold sellers need acceptance below 50-day SMA, with eyes on key US GDP and PCE data. Gold sellers refuse to give up, anticipating the advance US second-quarter Gross Domestic Product data due later on Thursday.
Meanwhile, the US GDP is set to increase by 2.6% QoQ in Q2 vs. 3.1% seen in Q1. Gold price technical analysis: Daily chart The tide has turned in favor of Gold sellers, as the 14-day Relative Strength Index pierces through the 50 level for the downside. Gold price failed to sustain above the $2,425 static resistance and, therefore, a fresh downtrend ensued. The selling momentum gathered pace on a breach of the $2,400 barrier.
GDP XAUUSD Commodities Riskaversion
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