from a technical perspective, its recent break below a medium-term upwards trend channel on Thursday that also saw the precious metal break below its 200-day moving average just above $1800 suggests further selling in on the cards. Bears will be looking for a test of recent November/December lows in the $1750 area.Spot gold prices are currently holding up above support in the form of the annual lows at $1782 as attention turns to an imminent US data dump at 1330GMT.
The dollar remains perky on Friday with the DXY at fresh multi-month highs near 97.50 and on course for its largest one-week rise in seven months, which, combined with higher US yields across the curve, has been weighing on gold. Spot prices are now down about 2.5% on the week and more than 3.5% lower versus their pre-hawkish Fed levels.
Interested in weekly XAU/USD forecasts? Our experts make weekly updates forecasting the next possible moves of the gold-dollar pair. Here you can find the most recent forecast by our market experts:Gold erased all the gains it registered since the beginning of the year in a matter of three days with the Fed. XAU/USD climbed to its highest level since November at $1,853 on Wednesday but ended up losing more than 3% from that level to end the week deep in the negative territory below $1,800.
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