Gold price (XAU/USD) extends the previous day's sharp retracement slide from the weekly peak and remains under heavy selling pressure for the second straight day on Thursday.
Gold price continues losing ground for the second straight day and drops to a two-week low. The downfall could be attributed to some technical selling, though it is likely to remain limited. September Fed rate cut bets and the risk-off mood could lend support ahead of the US data. Gold price extends the previous day's sharp retracement slide from the weekly peak and remains under heavy selling pressure for the second straight day on Thursday.
awaited From a technical perspective, the intraday breakdown below the 100-period Simple Moving Average on the 4-hour chart, the 50% retracement level of the June-July rally and the $2,385 support could be seen as a fresh trigger for bearish traders. Moreover, oscillators on the daily chart have just started gaining negative traction and suggest that the path of least resistance for the Gold price is to the downside.
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