The Gold price (XAU/USD) edges lower on Friday, trading down to just above $2,300, as safe-haven demand for the precious metal diminishes amid an overall upbeat market mood.
Gold price edges lower as safety demand lessens amid market good cheer. A feel-good factor has set in following the Fed’s slightly dovish messaging on Wednesday. Gold price lurches sideways as traders tense, poised for the release of the US Nonfarm Payroll labor report. The Gold price edges lower on Friday, trading down to just above $2,300, as safe-haven demand for the precious metal diminishes amid an overall upbeat market mood.
Alternatively, it may have finished unfolding altogether – both outcomes are possible. Directionally, Gold is in a bit of a no-man’s land: a break below the 0.681 Fibonacci target lows at $2,285 would be needed to confirm more downside to a target at $2,245 . Alternatively, a break above the cluster of Moving Averages and the peak of wave B at around $2,350 would potentially usher in a new more bullish environment. This could then see a retest of the $2,400 highs.
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