Gold price is gaining 1.18% amid mixed US economic data and lower Treasury yields. US 10-year Treasury yield drops to lowest level since April, following a softer-than-expected jobs report. US Dollar Index increases 0.22% to 104.7 but fails to curb Gold’s advance. Gold’s price remains range-bound and advanced on Wednesday, making a U-turn to Tuesday’s price action following the release of mixed US economic data that could warrant lower borrowing costs set by the US Federal Reserve .
Technical analysis: Gold price shrugs off strong US Dollar and edges higher above $2,350 Gold’s uptrend remains in place yet consolidates within the $2,320 to $2,360 area, with neither buyers nor sellers able to push prices beyond the boundaries. Momentum suggests that buyers are in charge, as portrayed by the Relative Strength Index , which could pave the way for a bullish continuation. In that event, Gold’s first resistance would be $2,360.