On Friday, the gold price bounced from the session lows of about $4,774 to trade at about $4,861 after the latest US data. The XAU/USD trades within a gently ascending channel formation in the 60-minute chart.

Gold has now advanced to trade a few levels above the 100-hour moving average line. However, the price of the yellow metal pulled back later to recover from 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 US market. On Thursday, the Philadelphia Fed Manufacturing Survey for April rose to 26.7, up from the previous month’s equivalent of 18.1, beating the forecasted reading of 10. On the other hand, industrial production for March fell short of the forecasted (MoM) change of 0.1%, with a change of -0.5%. 

Elsewhere, the initial jobless claims for last week fell to 207k, down from 218k in the preceding week, beating the forecasted claim count of 215k. The NY Empire State Manufacturing Index for March also came in better than expected, with 11 versus a forecast of -0.5, up from -0.2.

Earlier in the week, the US producer price index for March missed the expected (MoM) change of 1.2%, with a change of 0.5%. The (YoY) equivalent also failed to match the forecast of 4.6%, with a change of 4%. The producer price index ex-food and energy for the period also fell short of the forecasted (MoM) and (YoY) changes of 0.6% and 4.2%, respectively, with changes of 0.1% and 3.8%.

Gold Price Technical Analysis (the 60-min Chart)

Technically, the price of the yellow metal trades within a gently ascending channel formation in the 60-minute chart. However, the 14-hour RSI pulled back to avoid rallying into overbought conditions.

Therefore, the bears will look to stretch the latest pullback towards $4,774 or lower to $4,682. On the other hand, the bulls will look to pounce on rebounds at about $4,940 or higher at $5,027.

Gold Price Technical Analysis (the Daily Chart)

In the daily chart, the gold price trades within a sharply ascending channel formation. The 14-day RSI also supports a long-term bullish bias after bouncing back to avoid falling into oversold conditions.

Therefore, the bulls will look to extend the latest rebound towards $5,068 or higher to $5,286. On the other hand, the bears will look to pounce on pullbacks at about $4,647 or lower at $4,413.