Gold price (XAU/USD) edges higher during the Asian session on Friday and for now, seems to have snapped a nine-day losing streak around the $1,813 are
Gold price attracts some buyers on Friday and snaps a nine-day losing streak to a multi-month low. The uptick lacks any obvious catalyst and is likely to remain capped amid hawkish Fed expectations. Traders now look forward to the release of the crucial US NFP report for a fresh directional impetus. a, or a fresh seven-month low touched the previous day.
Nevertheless, the technical setup remains tilted firmly in favour of bearish traders and suggests that the path of least resistance for the XAU/USD is to the downside. From current levels, any subsequent move up might continue to confront stiff resistance near the $1,830-$1,832 supply zone, above which a bout of a short-covering rally could lift the Gold price to the $1,850 hurdle.
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