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Gold Price Extends Losing Streak as Profit-Booking Kicks In The gold price has extended its losing streak for the third trading day, declining to near $2,410 in Friday's European session. This comes after the precious metal faced profit-booking following its rally to fresh all-time highs above $2,480 on Tuesday. Technical Analysis The gold price is currently consolidating around $2,410, indicating a potential breakout. However, technical indicators suggest a bearish trend, with the Relative Strength Index (RSI) dropping to 58.00, suggesting that the upside momentum has stalled. Fundamental Analysis The gold price has also been weighed down by a decent recovery in the US Dollar (USD) and bond yields amid growing speculation that the Republican Party will be victorious in the United States (US) Presidential elections later this year. Outlook The near-term outlook for gold remains firm, with short-to-long-term Exponential Moving Averages (EMAs) sloping higher. The advancing trendline plotted from the February 14 low at $1,984.30 will be a major support for gold bulls. However, a breakout below $2,400 could lead to $2,300. Increasing adoption and institutional investment, as well as regulatory clarity, could boost prices. #GoldPrice #LosingStreak #ProfitBooking #Gold #Trading #Profit #TechnicalAnalysis #Bearish #RSI #FundamentalAnalysis #USD #BondYields #Elections #Outlook #EMAs #Trendline #Adoption #InstitutionalInvestment #RegulatoryClarity

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Gold Price Surges as Powell Hints at Rate Cuts, Eyes $2,450 High Gold prices extended their gains for a third week, rising 0.51% to $2,422, as Federal Reserve Chair Jerome Powell's cautious comments on inflation and rate cuts subtly influenced market sentiment. The US Treasury yields increased, with the 10-year note up four basis points to 4.227%, amid expectations of a September rate cut. Powell's remarks at The Economic Club of New York were seen as uneventful, but his hint that the Fed won't wait until inflation reaches 2% to cut rates boosted gold prices. The XAU/USD traded at $2,422, up by 0.51%, despite retreating from daily highs of $2,439. Technical analysis suggests that gold remains bullish, with momentum indicators hinting at a potential breather. If XAU/USD edges above $2,439, it could test the year-to-date high of $2,450. Further gains are seen once cleared, with the $2,500 figure up next. #GoldPrice #FederalReserve #RateCuts #Inflation #USTreasuryYields #XAUUSD #TechnicalAnalysis #BullishMomentum