Gold price is on a steady corrective decline from an all-time high of $2,165 set on Thursday, as the US Dollar licks and Treasury bond yields lick their wounds heading into the critical US Nonfarm Payrolls (NFP) data release later on Friday.
Gold price eases off all-time highs of $2,165 early Friday. Dollar and Treasury yields mire in lows, as US Nonfarm Payrolls data is in the spotlight. Overbought RSI conditions on the daily chart continue to warrant caution for Gold buyers. Gold price is on a steady corrective decline from an all-time high of $2,165 set on Thursday, as the US Dollar licks and Treasury bond yields lick their wounds heading into the critical US Nonfarm Payrolls data release later on Friday.
If Gold sellers jump in, Gold price could test the initial support at $2,144, the previous day’s low. The next cushion is seen at $2,121, the intersection of Wednesday’s low and the 23.6% Fibonacci Retracement level of the recent rally from the February 14 low of $1,984 to the all-time high of $2,165. A sustained break below that level could help Gold sellers flex their muscles toward the $2,100 threshold.