Gold prices extended declines into Friday’s close. Economic data from the US saw the preliminary consumer sentiment rising to 102.4. The CB’s leading index gained 0.2% on the month matching estimates, while inflation expectations grew 2.8%, up from 2.5% previously.
XAUUSD Could Consolidate, Trading Flat in the Short Term
The precious metal closed at 1277.67 on Friday. Price was supported once again by the 200-day moving average. Now comes the question of whether price can bounce to the upside. In the near term, a retracement back to the 1285 handle could potentially mark a retest of this level as resistance. A reversal from the 1285 level could indicate a possible move lower in the near term.
