Gold (XAU/USD) gathered bullish momentum and reached a new record high above $2,180 this week, boosted by falling US Treasury bond yields and the broad-based selling pressure surrounding the US Dollar (USD).
Gold closed the third consecutive week in positive territory. XAU/USD technical outlook points to extremely overbought conditions. February inflation data will be featured in the US economic calendar next week. Gold gathered bullish momentum and reached a new record high above $2,180 this week, boosted by falling US Treasury bond yields and the broad-based selling pressure surrounding the US Dollar . The pair stays technically overbought ahead of next week’s key inflation data from the US.
Additionally, the US Department of Labor reported that there were 217,000 Initial Jobless Claims in the week ending March 12, matching the previous week’s print. Gold closed the seventh consecutive trading day in positive territory on Thursday and reached a new all-time high above $2,160. Nonfarm Payrolls in the US rose by 275,000 in February, the BLS reported on Friday. This reading surpassed the market expectation of 200,000.
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