Gold prices continued to drop on Thursday, though remaining at around familiar levels of $2,450 per troy ounce, as speculation that the Federal Reserve would lower borrowing costs at the September meeting grew.
Gold is down more than 0.50% amid anticipation of a September Fed rate cut. US jobless claims exceed forecasts, suggesting economic slowdown and favoring lower rates. US Dollar Index up 0.43% to 104.18; 10-year Treasury yields increase by 2.5 basis points to 4.187%. At the time of writing, the XAU/USD trades at $2,443 with losses of 0.20% as the Greenback stages a recovery, underpinned by elevated US Treasury yields.
Momentum remains bullish in the mid-term, but the Relative Strength Index aims lower, which indicates that buyers are taking a respite before lifting the precious metal to higher prices. In the short term, the XAU/USD is headed to the downside, and if it achieves a daily close below $2,450, that will pave the way to challenge $2,400. Further losses lie beneath, and XAU/USD could dive to the July 5 high at $2,392, followed by the psychological $2,350 mark.
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