Gold bounces to $2,347 from daily lows of $2,322, up 0.41%. Slower US GDP growth and rising unemployment claims weaken the Greenback. Traders eye April’s PCE inflation data, which could dictate XAU/USD’s direction. Gold prices trimmed some of Wednesday’s losses and rose 0.41% on Thursday after the US Gross Domestic Product showed the economy is slowing, reigniting hopes that the US Federal Reserve may cut rates later in the year. The XAU/USD trades at $2,347, bouncing off daily lows of $2,322.
Technical analysis: Gold price climbs, yet remains below $2,350 Gold’s rally is set to continue, yet buyers are struggling to crack the psychological $2,350 mark, which could pave the way for further gains. Short-term momentum favors sellers as the Relative Strength Index remains bearish after punching below the 50 midline on Wednesday. Further gains could be anticipated if XAU/USD buyers reclaim the psychological mark of $2,350.