Gold price hits $2,390, its highest level in three weeks, gaining over 1%. US Treasury bond yields plunge, US Dollar Index drops to five-week low. April Retail Sales stagnate, while Fed officials express concerns about restrictive monetary policy.
Technical analysis: Gold price clears May 10 high, on its way towards $2,400 Gold price’s rally was prolonged for the second straight day, yet it was shy of challenging the $2,400 figure. Once buyers surpassed $2,378, the May 10 high paved the way for a new trading range within the $2,380 to $2,400 range. Momentum favors buyers as the Relative Strength Index remains bullish with readings above 60. Therefore, the path of least resistance is upward.
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