Gold prices stalled on Friday after posting strong declines the day before. Price action attempted to retrace the losses from the day before but settled modestly lower on the day. The precious metal remains mixed as investors look to the new trading month and easing concerns about the yield curve.
Will Gold Bounce Off the Support?
XAUUSD prices settled at the support area of 1290 on Friday and are seen posting a rebound off the level earlier today. The Stochastics on the 4-hour time frame indicates a move from the oversold level. There is scope for a rebound which could see a correction toward 1306 at the very least. However, price needs to break above the near term highs of 1299 – 1300.
