Gold price (XAU/USD) came under some renewed selling pressure on Thursday and dropped back closer to the weekly low in reaction to the hotter-than-expected US Producer Price Index (PPI).
Gold price attracts dip-buying amid June Fed rate cut bets and a softer risk tone. The uptick lacks follow-through amid the uncertainty over the Fed's rate cut path. Traders look to the US macro data for some impetus ahead of the FOMC next week. Gold price gains some positive traction on Friday and reverses a major part of the previous day's slide back closer to the $2,150 level, or the weekly low.
Technical Analysis: Gold price bulls not ready to give up yet, $2,150 support holds the key From a technical perspective, the range-bounce price action since the beginning of the current week comes on the back of the recent blowout rally and might still be categorized as a bullish consolidation phase. The lower boundary of the said trading range near the $2,152-2,150 area might continue to protect the immediate downside.
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