Gold prices (XAU/USD) gained positive traction for the third successive day on Wednesday and touched a fresh weekly peak, around the $2,341-2,342 area in reaction to softer US consumer inflation figures.
Gold price attracts fresh sellers on Thursday and snaps a three-day winning streak. The Fed ’s outlook of fewer rate cuts this year is seen weighing on the commodity. Traders now look to the US PPI and Initial Jobless Claims for short-term impetus. Gold prices gained positive traction for the third successive day on Wednesday and touched a fresh weekly peak, around the $2,341-2,342 area in reaction to softer US consumer inflation figures.
Technical Analysis: Gold price could accelerate the fall once the $2,285 horizontal support is broken From a technical perspective, the overnight failure near the 50-day SMA support-turned-resistance and the subsequent slide favors bearish traders. Moreover, oscillators on the daily chart are holding in negative territory and support prospects for a further depreciating move for the Gold price.
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