Gold Bears Resurface, XAUUSD Heads for Third Weekly Loss
Gold prices extend losses for a third consecutive day, poised for a third straight weekly decline as renewed hawkish signals from the Federal Reserve weigh on the metal.
Gold is under renewed selling pressure, with bears regaining control after a brief correction. The precious metal remains in the red for the third straight day and is on track for its third consecutive weekly loss.
The decline is driven by a hawkish stance from the Federal Reserve, which continues to support the US dollar and dampen demand for non-yielding assets like gold. Traders are now watching for further cues from Fed policy expectations.
XAUUSD has broken below key short-term support levels, and the outlook suggests further downside risks if the dollar remains strong and interest rate expectations stay elevated.
Source: FXStreet Forex News