Gold prices fall from record highs; technical signs flash overbought
Investing.com-- Gold prices fell in Asian trade on Friday, retreating from recent record peaks in anticipation of key U.S. labor data that is likely to factor into the outlook for interest rates.
A key technical indicator for spot gold prices also showed that buying momentum was running dry after a strong run-up through March and early-April. Still, the yellow metal may benefit from increased safe haven demand, especially with the prospect of worsening geopolitical conditions in the Middle East amid saber rattling between Iran and Israel.expiring in June fell 0.6% to $2,295.50 an ounce by 00:03 ET , after hitting a record high of $2,325.30 an ounce on Thursday.Gold’s 14-week relative strength index- which gauges buying and selling momentum for the yellow metal- showed spot prices were well within overbought territory.
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