Gold price is consolidating weekly losses near $2,160 early Friday, as risk sentiment remains sour and keeps the US Dollar (USD) underpinned.
Gold price is set to book the first weekly decline in four on Friday. Dollar rebounds with Treasury yields after hot US PPI inflation data. Gold price is portraying a potential Bull Pennant on the daily chart. Gold priceis consolidating weekly losses near $2,160 early Friday, as risk sentiment remains sour and keeps the US Dollar underpinned.
The 14-day Relative Strength Index is flirting with the overbought region near 70.00, suggesting that there is scope for a fresh upswing. If Gold sellers regain control and breach the rising trendline support at $2,156 on a sustained basis, a further decline toward the $2,150 level cannot be ruled out. Further down, the static support at $2,125 will come to the buyers’ rescue.
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