Gold (XAU/USD) puts pressure on daily lows and trades below $2,660 on Friday’s early American session. The US Dollar (USD) reclaims its leadership ahead of the weekly close, helped by rising US Treasury yieldsGold price faced rejection at higher levels on Thursday and turned south before finding support at the 50-day Simple Moving Average (SMA) at $2,671 early Friday.
The 14-day Relative Strength Index (RSI) has also witnessed a renewed upside while holding well above the 50 level.
If Gold price resumes the recovery momentum, it could retest the multi-week high of $2,726, above which 2,750, the confluence of the psychological barrier and the November 5 high, will act as a tough nut to crack.
A failure to defend the 50-day SMA support at $2,671 on a daily candlestick closing basis will prompt sellers to target the 21-day SMA at $2,650 once again.