The gold price on Friday plummeted to a new 5-week low of about $2,311 following the latest round of US data. The XAU/USD appears to be trading within a sharply descending channel formation in the 60-minute chart. Gold has now descended to trade several levels below the 100-hour moving average line. As a result, the yellow metal has fallen into the oversold levels of the 14-hour RSI. From a fundamental perspective, the XAU/USD is trading at the back of a relatively busy period in the US market. On Friday, the US jobs data for May exceeded expectations of 185k with a substantially higher tally of 272k. The average ... (full story)