Gold loses momentum, with Fed speakers in focus

Gold price retraces on the rebound of the USD on Friday. The Fed's cautious approach weighs on the yellow metal. Gold traders will focus on the Fed’s Kashkari, Waller, and Daly speeches on Friday. The gold price trades with a bearish bias on Friday after retreating from the nearly $2,400 barrier. The bullish move of precious metals in the previous sessions was bolstered by the softer-than-expected US inflation data in April, which triggered hope for rate cuts from the US Federal Reserve .

Further south, the next contention level is seen at the 100-period EMA at $2,340. Any follow-through selling below the mentioned level might drag XAU/USD back to $2,300. US Dollar price today The table below shows the percentage change of US Dollar against listed major currencies today. US Dollar was the strongest against the Japanese Yen. USD EUR GBP CAD AUD JPY NZD CHF USD 0.07% 0.11% 0.08% 0.25% 0.31% 0.19% 0.11% EUR -0.07% 0.04% 0.00% 0.18% 0.24% 0.13% 0.04% GBP -0.11% -0.04% -0.04% 0.14% 0.

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