The gold price on Friday pulled back off session highs of about $2,369 to trade at about $2,320 after the latest round of data. The XAU/USD has completed a downward breakout from an ascending channel formation.

Gold has also plummeted to trade a few levels below the 100-hour moving average line in the 60-minute chart. As a result, the yellow metal has fallen to trade in the oversold levels of the 14-hour RSI.

Gold Price Fundamentals Overview

From a fundamental perspective, the XAU/USD is trading at the back of a relatively busy period in the US market. On Friday, the preliminary S&P Global Manufacturing PMI for June outperformed the expectation of 51 with a reading of 51.7. The Services PMI for the period also outshone the estimate of 53.7 with a reading of 55.1.

On Thursday, the Philadelphia Fed Manufacturing Survey for June missed the expectation of 5 with a reading of 1.3, while the initial claims for last week fell short of 235k with a slightly higher tally of 238k. Elsewhere, the US building permits for May fell short of the forecasted tally of 1.45 million with 1.386 million, while housing starts for the period missed 1.37 million with 1.277 million.

Earlier in the week, US retail sales for May missed the expected (MoM) change of 0.2% with a change of 0.1%, while the retail sales ex-autos for the period also fell short of 0.2% with a change of -0.1% (MoM). On the other hand, Industrial Production for May outperformed the expected (MoM) change of 0.3% with a change of 0.9%.

Gold Price Technical Analysis (the 60-min Chart)

Technically, the XAU/USD has completed a downward breakout from an ascending channel formation in the 60-minute chart. The 14-hour RSI has also dropped to oversold conditions, supporting a bearish bias.

Therefore, the bears will be targeting extended pullbacks at about $2,307 or lower at $2,294. On the other hand, the bulls will be targeting rebound profits at about $2,333 or higher at $2,345.

Gold Price Technical Analysis (the Daily Chart)

In the daily chart, the yellow metal is trading within a descending channel formation. However, the 14-hour RSI still seems to have a lot of room left to run before reaching oversold conditions.

Therefore, the bears will be targeting extended declines at about $2,274 or lower at $2,216. On the other hand, the bulls will look to pounce on profits at about $2,369 or higher at $2,424.