On Friday, the gold price bounced from the session lows of about $4,155 to trade at about $4,199 after the latest U.S. data. The XAU/USD trades within an ascending channel formation in the 60-minute chart.
The price of the yellow metal has now advanced to trade a few levels above the 100-hour moving average line. As a result, it is on the verge of entering the overbought levels of the 14-hour RSI.
Gold Price Fundamentals Overview
From a fundamental perspective, the XAU/USD trades during a relatively busy period in the U.S. market. On Wednesday, the Chicago Purchasing Managers' Index for November came in lower than expected, with 36.3 versus a forecast of 44.3, down from the previous month's equivalent of 43.8. The initial jobless claims for last week also fell to 216k, down from the preceding week's equivalent of $222k, beating the forecasted claim count of 225k.
The U.S. durable goods orders for September also exceeded the expected change of 0.3%, with a change of 0.5%. The durable goods orders ex-defense fell short of 1.9%, with a change of 0.1%, while the durable goods orders ex-transportation outshone 0.2%, with a change of 0.6%.
The September producer price index ex-food and energy missed the (MoM) forecast of 0.3%, with 0.1%. The (YoY) equivalent also fell short of 2.7%, with 2.6%. The general producer price index for the period matched the (MoM) and (YoY) forecasts of 0.3% and 2.7%, respectively.
Gold Price Technical Analysis (the 60-min Chart)
Technically, the gold price trades within an ascending channel formation in the 60-minute chart. The 14-hour RSI also supports a short-term bullish bias as it edges closer to overbought conditions.
Therefore, the bulls will look to stretch the latest rebound towards $4,243 or higher to $4,290. On the other hand, the bears will look to pounce on pullbacks at about $4,155 or lower at $4,107.
Gold Price Technical Analysis (the Daily Chart)
In the daily chart, the price of the yellow metal trades within a consolidative triangle formation. However, the 14-day RSI has recently bounced back to move towards overbought conditions.
Therefore, the bulls will look to stretch the current rebound towards $4,380 or higher to $4,459. On the other hand, the bears will look to pounce on profits at about $4,011 or lower at $3,826.