XAU/USD outlook: Gold price pulls back from new record high on profit-taking / stronger dollar
|Gold price accelerated lower on Friday (down 1.7% so far), weighed by stronger dollar and profit-taking on overbought daily studies.
Pullback from new record high ($2483) was anticipated, due to significance of psychological $2500 barrier (next target) and overbought conditions.
Round-figure support ($2400) was dented today, but failure to register weekly close below here, would keep in play scenario of a healthy correction preceding fresh push higher.
Extended dips, on the other hand, would face supports at $2388 (daily Kijun-sen), $2366 (Fibo 61.8% retracement) and thin daily cloud (spanned between $2358 and $2352).
Res: 2411; 2417; 2438; 2450
Sup: 2388; 2366; 2358; 2350
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