Gold price enters a bullish consolidation phase near a two-week high touched on Thursday. Traders prefer to wait for the US NFP report before positioning for the near-term trajectory. Fed rate cut bets are keeping the US bond yields and the USD depressed, lending some support. Gold price is seen oscillating in a narrow trading range during the Asian session on Friday and consolidating its gains to a two-week high registered over the past two days.
That said, mixed oscillators on the daily chart warrant some caution before positioning for any further gains. Hence, any subsequent move up is more likely to confront stiff resistance and remain capped near the $2,400 mark. Some follow-through buying, however, has the potential to lift the Gold price to the next relevant hurdle near the $2,425 zone en route to the $2,450 region, or the all-time peak touched in May.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »