Gold price pulls back on positive risk appetite, denting safe-haven demand. Gold rose strongly on Wednesday after the Federal Reserve adopted an overall easing bias in its May meeting. The precious metal was propelled higher after Federal Reserve Chairman Jerome Powell described more rate hikes as “unlikely”. The Gold price is trading in the $2,310s on Thursday after retracing about three-tenths of a percent on reduced safe-haven demand.
681 Fibonacci target lows at $2,285 would be needed to confirm more downside to a target at $2,245 . Alternatively, a break above the cluster of Moving Averages and the peak of wave B at around $2,350 would potentially usher in a new more bullish environment. This could then see a retest of the $2,400 highs. Additionally, the trend for Gold price is up both in the medium and long-term, overall supporting the outlook.