Gold price consolidates weekly gains near $2,300 early Friday, eyeing a positive weekly close. The US Dollar holds the Fed-inspired upswing, as the US Treasury bond yields rebound. Gold price remains stuck between $2,350 and $2,277 but sellers stay hopeful amid bearish RSI. Gold price, however, remains on track to book the first weekly gain in four weeks.
Gold price technical analysis: Daily chart The short-term technical outlook for Gold remains more or less the same, as the Gold price continues to wave in a narrow range, with the upside capped by the confluence of the 21-day Simple Moving Average and the 50-day SMA near $2,350. On the other hand, the downside appears guarded by the May 3 low of $2,277. That said, the downside potential remains intact as the 14-day Relative Strength Index stays well below the 50 level, currently near 45.00.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
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