Gold prices plummeted to a four-week low after the US Bureau of Labor Statistics (BLS) revealed that the labor market remained strong, and China halted its purchase of the golden metal.
Gold falls to multi-week low after US labor market data exceeds expectations. China’s People’s Bank halts 18-month Gold buying spree, exerts downward pressure on XAU/USD. US Treasury yields surge with the 10-year yield up to 4.43%, bolstering the Greenback and pushing Gold ’s price lower. Traders eye US inflation data and Fed policy meeting next week.
Momentum has shifted bearish due to the Relative Strength Index piercing below the 50-midline, indicating that sellers are in charge. Therefore, further Gold weakness and sellers could push the spot price below $2,300. Once cleared, the next stop would be the May 3 low of $2,277, followed by the March 21 high of $2,222. Further losses lie beneath, with buyers’ next line of defense at around the $2,200 figure.
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