The gold price on Friday pulled back off the current weekly highs of about $1,990 to trade at about $1,970 following the latest round of data. The price of the yellow metal continues to trade within an ascending channel formation in the 60-min chart.

The gold price also appears to have found strong trendline support from the 100-hour moving average line. As a result, this prevented the gold price from falling into the oversold levels of the 14-hour RSI.

Gold Price Fundamentals Overview

From a fundamental perspective, the yellow metal is trading at the back of a relatively busy period in the US market. On Friday, the US personal consumption expenditures prices for February beat the expected (MoM) change of 0.2% with a change of 0.3%. The (YoY) equivalent missed the forecasted change of 5.3% with a change of 5%. On the other hand, the core personal consumption expenditures price index for the period fell short of both the (MoM) and (YoY) forecasts of 0.4% and 4.7%, respectively with a change of 0.3% and 4.6%. 

Elsewhere, personal income outshone the estimated change of 0.2% with a change of 0.3%, while personal spending missed 0.3% with a change of 0.2%.

Earlier in the week, the initial jobless claims for the week ending March 24 missed the expected claim count fo 196k with a tally of 198k, while the annualised Q4 gross domestic product fell short of 2.7% with a change of 2.6%. The gross domestic product price index matched the estimated change of 3.9%.

Gold Price Technical Analysis (the 60-min Chart)

Technically, the price of gold appears to be trading within an ascending channel formation in the 60-min chart. This indicates a significant short-term bullish bias in the market sentiment.

Therefore, the bulls will be looking to ride the current rally toward $1,982 or higher to $1,995. On the other hand, the bears will look to pounce on pullbacks at about $1,957 or lower at $1,944. 

Gold Price Technical Analysis (the Daily Chart)

In the daily chart, the price of the yellow metal appears to be trading within a consolidative triangle formation. This indicates a lack of a clear directional bias in the market sentiment.

Therefore, the bears will be targeting potential downward breakouts at about $1,925 or lower at $1,881. On the other hand, the bulls will be targeting long-term profits at about $2,009 or higher at $2,052.