Article by: ETO Markets

The US Treasury yield curve declined on Thursday, which diminished demand for the greenback and caused the price of gold to resume its upward trend, rising more than 1%. The United States labor market data was softer, which raised the possibility of a rate cut by the Federal Reserve even if inflationary pressure was being addressed.

Buyers of XAU/USD must clear the most recent cycle high, which is $…, on April 26. When that was exceeded, the $… amount would become visible. A breach of the latter will accelerate the rally toward April’s 19 high at $… before challenging the all-time high of $... In contrast, more losses are anticipated if gold price falls below $... The 50-DMA around $… would be the next level of support.