Gold price has snapped its rebound from two-week lows early Friday, losing ground after running into offers near the $2,330 resistance again.
Gold price returns to the red early Friday, awaiting US PCE inflation data. The US Dollar follows the USD/JPY and Treasury bond yields higher even as the mood improves. The fate of Gold price hinges on the top-tier US data but downside risks remain intact. The next direction for Gold price now remains in the hands of the US Personal Consumption Expenditure inflation data.
Adding credence to the bearish potential, the previous week’s 21-day Simple Moving Average and the 50-day SMA bearish crossover continues to act as a headwind. If sellers extend control, the $2,300 threshold will be put to test once again, below which the June low at $2,287 could come to the buyers’ rescue. Further down, the May 3 low at $2,277 will come into play.
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