Gold price (XAU/USD) witnessed heavy selling following the release of the upbeat US macro data and dived to its lowest level in over two weeks on Thursday.
Gold price plunged to over a two-week low in reaction to the upbeat US macro data on Thursday. September Fed rate cut bets keep the USD bulls on the defensive and help limit any further losses. Traders also prefer to wait for the release of the US PCE Price Index before placing directional bets. Gold price witnessed heavy selling following the release of the upbeat US macro data and dived to its lowest level in over two weeks on Thursday.
Hence, some follow-through selling below the overnight swing low, around the $2,353 area, is needed to support prospects for an extension of the recent corrective decline from the all-time peak touched last week. Meanwhile, oscillators on the daily chart have just started gaining negative traction, suggesting that the path of least resistance for the XAU/USD is to the downside and that any further recovery is likely to attract fresh sellers near the $2,380 region.
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