Gold prices fell in the mid-North American session on Thursday, below $2,390, as US Treasury yields recovered and underpinned the Greenback.
Gold slips 0.24%, influenced by rising US Treasury yields, firm US Dollar. Mixed US economic data includes higher jobless claims and mixed housing data. Fed officials highlight ongoing inflation challenges and steady monetary policy stance. Wednesday’s inflation report in the United States sponsored the golden metal rally, but Thursday’s data was a mixed bag, which could likely trigger some profit-taking ahead of the weekend. The XAU/USD trades at $2,381, down by 0.24%.
Technical analysis: Gold pulls back from weekly highs as buyers take a respite Gold’s uptrend remains unchanged despite retreating below the $2,380 area, with strong momentum on the side of buyers as depicted by the Relative Strength Index indicator. From a market structure standpoint, if XAU/USD drops below the latest higher low seen on May 13 at $2,332, that could open the door for a deeper correction.
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