Gold prices continued to fall for the fifth consecutive session, though the pace of declines has become limited. The Fed’s beige book report was upbeat as the report indicates that the US economy expanded at a moderate pace in March and early April. Some of the regional districts even reported strengthening.
Is it Time for a Correction in XAUUSD?
After declining for five sessions, gold prices could attempt to post a minor correction. This comes as price sits near the 200-day MA on the daily chart. An intraday close above 1273.50 is needed to confirm this view. The previously held support at 1285 – 1290 remains the prime target for resistance to be tested but further gains are unlikely.