Gold price (XAU/USD) extends its downside to near $2,160 in Friday’s European session after failing to sustain close to its all-time highs above $2,220.
Gold price fails to hold all-time highs around $2,220 as the US Dollar strengthens. The US Dollar capitalizes on the strong US economic outlook. The Fed’s rate-cut campaign could be less aggressive compared with other central banks in developed nations. Gold price extends its downside to near $2,160 in Friday’s European session after failing to sustain close to its all-time highs above $2,220.
Technical Analysis: Gold price falls sharply from $2,220 as oscillators turn overbought Gold price drops significantly to $2,162 from its all-time high of $2,222. Profit-booking dragged the Gold price as momentum oscillators turned extremely overbought on the daily time frame. This doesn’t exhibit a bearish reversal as the asset could rebound after oscillators cool down. The 14-period Relative Strength Index drops after reaching a little above 84.00.
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