Gold price (XAU/USD) regained positive traction on Wednesday and reversed a major part of the previous day's corrective fall from the vicinity of a record peak touched last week.
Gold price fails to build on the previous day's move up and meets with some supply on Thursday. A modest USD uptick and the risk-on mood turn out to be key factors weighing on the XAU/USD. The uncertainty over the Fed’s rate-cut path and geopolitical tensions should help limit the downside. Gold price struggles to capitalize on the previous day's recovery move from the $2,150 area, or the weekly low and comes under some selling pressure on Thursday.
Some follow-through buying beyond the $2,200 mark will push the Gold price to uncharted territory and be seen as a fresh trigger for bulls, setting the stage for an extension of the recent blowout rally witnessed over the past two weeks or so. On the flip side, the $2,155-2,150 area now seems to protect the immediate downside, below which the Gold price could slide to the next relevant support near the $2,128-2,127 zone.
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