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Gold price retreats on Thursday after running during the last five days to an all-time high (ATH) of $2,531. XAU/USD slumped below the previous ATH of $2,483 during Thursday’s session.A tick up in US Treasury bond yields following the data release in the United States (US), bolstered the Greenback and weighed on the golden metal. The XAU/USD trades at $2,482, down by over 1%.Data from the US Bureau of Labor Statistics (BLS) revealed that the number of Americans filing for unemployment benefits rose above estimates and the prior reading figures. Other data showed that Business Activity remains solid, even though manufacturing activity contracted for the second straight month, according to S&P Global.Bullion traders digested the Federal Open Market Committee’s (FOMC) last meeting Minutes, released on Wednesday, which surprisingly showed that the “vast majority” of FOMC participants supported the case to ease policy at the September meeting if data met expectations.The Minutes showed that policymakers had grown confident that inflation risks are skewed to the downside, while risks of achieving maximum employment had risen.Boston Fed President Susan Collins echoed some of those views, commenting that the labor market is healthy and adding that it would be appropriate to lower interest rates soon. Recently, Philadelphia Fed Patrick Harker agreed with Collins on easing policy but added that the Fed should be methodical in cutting interest rates.The non-yielding metal dipped even though Collins and Harker’s views hinted at the first Fed cut. The rise in US bond yields, particularly the 10-year benchmark note up six and half basis points (bps) to 3.865%, boosted the buck. The US Dollar Index (DXY), which tracks the Greenback’s value against the other six currencies, rose by 0.39% to 101.52.Given the backdrop, investors are preparing for Fed Chair Jerome Powell’s commencement speech at Jackson Hole. In it, he’s expected to lay the groundwork for monetary policy for the second half of 2024.

Daily digest market movers: Gold price on the defensive post-US data
 

Technical outlook: Gold uptrend remains intact, despite surrendering $2,500
 Gold’s uptrend remains intact, but a daily close below the previous ATH of $2,483 can trigger a deeper pullback.The Relative Strength Index (RSI), despite being bullish, aims downwards, hinting that in the near term, sellers have the upper hand. Nevertheless, traders should be aware that in the mid-term, Gold is bullish.If XAU/USD achieves a daily close below $2,500, sellers could push prices toward the May 20 peak of $2,450. Once that level is surpassed, further losses lie, and Gold could drop to the 50-day Simple Moving Average (SMA) at $2,398 before testing the next support at the 100-day SMA at $2,377.On the other hand, if buyers lift Gold above $2,500, look for a re-test of the ATH at $2,531.More By This Author:Gold Price Stays Around $2,500 Post US Fed Minutes AUD/JPY Price Forecast: Clings To Gains Below 97.00 As Downtrend Remains Gold Price Surges As US Yields Drop, Geopolitical Tensions Escalate