Gold Price Today: Gold (XAUUSD) is deepening its rejection from all time highs near the $4,400 mark per troy ounce on Friday, receding to the proximity of the $4,200 zone. A marked rebound in the US Dollar alongside higher US Treasury yields seem to be behind the precious metal pullback.
Spot Gold (XAUUSD) Technical Forecast
The daily Relative Strength Index (RSI) remains well above the 70 mark. This might prompt the XAUUSD bulls to take some profits off the table and trigger a sharp retracement slide. That said, any corrective fall below the $4,300 mark might continue to find some support near the Asian session low, around the $4,280-4,279 region. However, some follow-through selling could drag the Gold rates towards the $4,235-$4,230 region en route to the overnight trough, around the $4,200 mark. The latter should act as a key pivotal point, which, if broken decisively, should pave the way for deeper losses.
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On the flip side, momentum beyond the $4,379-4,380 region, or the Asian session high, could extend towards conquering the $4,400 round figure. A sustained strength beyond the latter will be seen as a fresh trigger for bullish traders and assist the Gold price to prolong its recent well-established uptrend witnessed over the past two months or so.