Gold price is set to book the first weekly decline in four on Friday. Dollar rebounds with Treasury yields after hot US PPI inflation data. Gold price is portraying a potential Bull Pennant on the daily chart. Gold priceis consolidating weekly losses near $2,160 early Friday, as risk sentiment remains sour and keeps the US Dollar underpinned.
The 14-day Relative Strength Index is flirting with the overbought region near 70.00, suggesting that there is scope for a fresh upswing. If Gold sellers regain control and breach the rising trendline support at $2,156 on a sustained basis, a further decline toward the $2,150 level cannot be ruled out. Further down, the static support at $2,125 will come to the buyers’ rescue.
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