Gold price reached a four-day high at $1789 in the Asian trades and went on to consolidate the three-day advance all through the day, ending Thursday marginally higher at $1783.
Bullion Trading: Gold rose for a second day as the U.S. dollar extended declines, with investors waiting for comments from Federal Reserve officials this week which could provide insight into the prospects of tighter monetary policy.
Gold prices moved slightly lower overnight after mixed US economic data. The Federal Reserve reported a sharp drop in US industrial production for September.
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The spot gold technical outlook remains bearish with gold failing to break above the 20-day SMA for the 18th straight trading day. Additionally, the Relative Strength Index (RSI) indicator on the daily chart stays slightly below 50, confirming the view that sellers are looking to remain in control of gold (Yellow Metal) action.