Gold price (XAU/USD) loses momentum amid the firmer US Dollar (USD) on Friday.
Gold price drops in Friday’s early Asian session. The stronger US GDP growth drags Gold price lower, but rising Fed rate cut expectations might help limit its losses. All eyes are on the US PCE inflation data, which is due later on Friday. Gold price loses momentum amid the firmer US Dollar on Friday. The upbeat US growth report and Initial Jobless Claims have pushed back the expectation of a deeper rate cut by the US Federal Reserve in September, which weighs on the non-yielding gold.
However, the overall outlook of the precious metal is strongly in favor of the bulls on the daily timeframe, with the price holding above the key 100-day Exponential Moving Average . Additionally, the 14-day Relative Strength Index stands near 60.75, suggesting potential bullish momentum in the near term. The key resistance level for the yellow metal is seen near the confluence of the all-time high and the upper boundary of the trend channel of $2,530.
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