Gold firms on rate-cut bets, US inflation data in focus

Gold price advanced for the third consecutive day and reached a new record high of $3,674, before retreating somewhat as a jump in US Treasury yields boosted appetite for the Greenback. The revision of job figures in the US further cemented the case for a cut by the Federal Reserve, though traders are also attentive to coming inflation prints. Gold price uptrend stalled after hitting an all-time high (ATH) of $3,674, before retreating below $3,650. If XAU/USD ends negatively on the day, a test of $3,600 is on the cards. On further weakness, the next stop would be the April 22 high of $3,500. The RSI is currently overbought but has not yet reached the critical threshold of 80, suggesting that the bullish trend in Gold remains intact. If Gold clears $3,674, up next would be the $3,700 figure, followed by $3,750, and $3,800.

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