The price of gold declined to $2,285 in the Asian trading session on Friday, following its record high above $2,300 in the previous session. This fluctuation reflects market dynamics amidst geopolitical risks in the Middle East and expectations of monetary policy easing from the Federal Reserve, which have fostered optimism for gold price growth.
Technical analysis of the XAU/USD chart indicates a prolonged upward trend in gold prices for seven consecutive days, followed by a slight downward adjustment. There is a possibility of a significant price correction as technical indicators begin to retreat from overbought levels.
Based on current technical indicators, XAU/USD is likely to continue its upward trajectory after undergoing some corrective measures. However, monitoring market reactions and other key financial factors remains essential for assessing the market's subsequent direction.
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