Gold Price Analysis: Under pressure, but market still looks indecisive
Despite the losses, the yellow metal is still trapped in a trading range defined by the consecutive daily candles with long wicks and small bodies created on Wednesday and Thursday.
A break above Thursday's high of $1,645 would imply the period of indecision has ended with a bullish breakout and could cause more buyers to join the market, yielding a rise toward resistance at $1,675.
Gold: Steps back from two-week top to stay below $1,650
Despite refreshing two-week high the previous day, gold prices step back to $1,626 amid the Asian session on Friday. The bullion earlier cheered the broad US dollar weakness while paying a little heed to the risk-on sentiment. Though, coronavirus (COVID-19) remains in focus as the US dethrones China as the biggest victim.
The US dollar index slumped to the multi-day low on Thursday as the world’s largest economy is jostling with the pandemic outbreak. As per the New York Times, there are more than 81,000 cases in the US that makes it above China as far as the virus infections are concerned. Also weighing on the greenback could be the surge in Jobless Claims to over 3.0 million.
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