After some tranquil sessions, the US Dollar has regained its momentum ahead of the opening of the US market this Friday. XAU/USD dipped to $2,163.75, not far from the weekly nadir of $2,150.50, hovering slightly above the support zone. The greenback gained considerable strength following the release of the US's mixed macroeconomic figures, suggesting the Federal Reserve (Fed) might exercise more caution in the upcoming rate cut decision.
Gold's price today could see a further descent as it seems ensnared within a tightening wedge pattern. Should the current support falter, gold may find itself at the mercy of bears, possibly being driven down to $2,145 and potentially lower in less favorable scenarios.
Gold's price today could see a further descent as it seems ensnared within a tightening wedge pattern. Should the current support falter, gold may find itself at the mercy of bears, possibly being driven down to $2,145 and potentially lower in less favorable scenarios.
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