Gold price is nursing losses while flirting with two-week lows near $2,327 in the Asian session on Friday.
Gold price flirts with two-week lows below 2,320 early Friday. The US Dollar and US Treasury bond yields consolidate weekly gains amid a dour mood. Gold price confirms rising wedge breakdown, as RSI flips bearish. Gold priceis nursing losses while flirting with two-week lows near $2,327 in the Asian session on Friday. Gold price extends its losing streak into the fourth straight day, remaining on track to book the first weekly loss in three weeks.
In doing so, Gold price also yielded a close below the key 21-day Simple Moving Average at $2,347 while the 14-day Relative Strength Index pierced the midline for the downside. These technical moves suggest that the tide seems to have changed in favor of Gold sellers, with a test of the immediate support of 50-day SMA at $2,309 inevitable. Failure to resist above the latter could expose the May low at $2,277.
XAUUSD Commodities Fed Riskaversion
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