Gold prices dipped below the Thursday trading range of $2,064-$2,088 as thin trading volumes characterized the market with limited participant activity due to the holiday week. The precious metal witnessed some profit-taking on Thursday. On a broader note, the upward-sloping 20-day and 50-day Exponential Moving Averages (EMA) indicate positive momentum, and oscillators suggest strong upward momentum.
The gold market is navigating challenges amid speculation about potential interest rate cuts. Trading volumes remain light, with few significant market participants during the festive week. Despite some profit-taking observed on Thursday, technical indicators such as the ascending 20-day and 50-day EMAs signal a positive trend. Oscillators point towards robust upward momentum. The current price range fluctuates between $2,064 and $2,088, reflecting the cautious market sentiment.
As traders prepare for the upcoming week, the gold market's performance may continue to be influenced by interest rate cut speculations and overall market sentiment. It's crucial to monitor the evolving dynamics to gain insights into potential future movements in gold prices.