Gold price is consolidating the previous bounce but remains confined in a narrow range near $2,350 early Friday.
Gold price holds the previous bounce early Friday, eyes fourth monthly gains. The US Dollar finds its feet again on a dour mood, despite weak US Treasury bond yields. The daily RSI prods the 50 level, as Gold price managed to defend the key 50-day SMA support at $2,328. Gold priceis consolidating the previous bounce but remains confined in a narrow range near $2,350 early Friday.
A sustained move below the latter will open the floor for a test of the $2,300 mark. The next key downside cap is seen at the May 3 low of $2,277. Alternatively, Gold price could rise above the 21-day SMA at $2,355 in a bid to recapture the rising wedge support-turned-resistance, then at $2,376, if the US inflation data surprises to the downside. Acceptance above the abovementioned barrier at $2,376 could pave the way for the buyers to challenge the May 24 high of $2,384.
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