Gold price (XAU/USD) registered strong gains of over 1% on Thursday and snapped a two-day losing streak to a two-week low touched the previous day.
Gold price struggles to capitalize on the overnight strong bounce from a two-week low. Fed rate cut uncertainty helps limit the USD corrective slide and caps gains for the metal. Traders also seem reluctant to place aggressive bets ahead of the key US PCE Price Index. Gold price registered strong gains of over 1% on Thursday and snapped a two-day losing streak to a two-week low touched the previous day.
Technical Analysis: Gold price fails ahead of 50-day SMA support breakpoint turned hurdle From a technical perspective, the overnight positive move stalled ahead of the 50-day Simple Moving Average support breakpoint, now turned resistance. The said barrier is currently pegged near the $2,337-2,338 region, which should now act as a key pivotal point. A sustained strength beyond has the potential to lift the Gold price back towards the $2,360-2,365 supply zone.
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