Gold Price Forecast: XAU/USD corrects but geopolitical woes could cap losses ahead of US NFP

Gold price extends correction from record highs for the second consecutive day on Friday. Hawkish Fedspeak and geopolitical tensions rekindle the US Dollar demand amid risk aversion. Gold price downside could be limited ahead of the US Nonfarm Payrolls data. Gold priceis carrying forward its corrective mode into the second straight day on Friday, having hit a fresh record high at $2,305 in Thursday’s Asian trading.

Weak US data could reinforce dovish Fed expectations, prompting Gold price to resume its record-setting uptrend. Gold price technical analysis: Daily chart As expected, the extremely overbought 14-day Relative Strength Index conditions triggered a correction in Gold price, also as the bright metal failed to close Thursday above the $2,300 round level.

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