The price of gold is currently trading at approximately $1,930 per troy ounce, showing a rebound from the losses seen in the previous week.
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Gold prices have been under pressure for the past five days as market bears fight for dominance amid growing concerns about a global economic downturn.
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Gold price remains on the back foot for the fourth consecutive day even as the bears struggle to gain market acceptance ahead of the top-tier US data deepening global recession fears favoring US Dollar haven as developing economies are facing the wrath of higher interest rates from western central banks and potential upside risks of deflation to the Chinese economy.
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The gold price (XAU/USD) is rebounding from its weekly low, breaking a four-day losing streak, ahead of key US data in sluggish markets.
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The gold price (XAU/USD) has continued to decline for the fourth consecutive day, despite bears struggling to dominate the market.
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The gold price (XAU/USD) continues to rise, surpassing the early August swing high while maintaining support of around $1,936-38.
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The gold price (XAU/USD) currently reflects a pre-NFP trading pause as bullish momentum rests above crucial support levels.
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The US Dollar (USD) is hovering near a recent two-week low, prompted by disappointing US macro data released on Wednesday.
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The gold price (XAU/USD) is defending its previous weekly recovery, marking the first positive movement in five weeks.
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