Gold price drops on firm US yields, strong USD after solid US data

📆 6/23/2024 11:20 PM

Gold News

XAUUSD, Fundamental Analysis, Technical Analysis

📆 6/23/2024 11:20 PM
📰 FXStreetNews

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Gold prices reversed course on Friday, moving down more than 1.70%.

Gold reverses gains after hitting daily high of $2,368, down more than 1.70%. Strong US S&P Global PMI data boosts the US Dollar, with the DXY rising 0.14% to 105.80. Mixed US economic data keeps Fed rate cut speculation alive. Economic data from the United States spurred investors' reaction to pricing out fewer interest rate cuts by the Federal Reserve due to the solid state of the economy. The XAU/USD trades at $2,317, below its opening price after hitting a daily high of $2,368.

Technical analysis: Gold price drops below Head-and-Shoulders neckline, eyes $2,300 Gold’s downtrend resumed on Friday after buyers tested the Head-and-Shoulders pattern, dragging the XAU/USD price above the pattern’s neckline. Despite achieving a daily close above the latter, sellers defended the neckline and pushed the spot price to a new three-day low of $2,316. That said, the path of least resistance is to the downside. The next support would be $2,300.

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