GOLD XAUUSD Chart Technical Outlook

The GOLD XAUUSD Chart Technical Outlook gold price oscillates in a narrow band around the $2,050 region through the Asian session on Friday and remains well within the striking distance of an all-time high touched the previous day. The downside seems cushioned amid concerns about the banking sector in the United States (US) and the Federal Reserve’s (Fed) less hawkish outlook. Following the recent collapse of the First Republic Bank earlier this week, investors now fear that regional lender PacWest Bancorp could be the next potential domino to fall. This adds to worries about a full-blown banking crisis and led to another rout in shares of regional lenders on Thursday, which, in turn, continues to underpin the safe-haven XAU/USD.

GOLD seems poised to test ascending channel hurdle, around $2,100 in case of weaker NFP data.
Gold price is seen consolidating just below the all-time high touched on Thursday.
Concerns over a US banking crisis continue to benefit the safe-haven XAU/USD.
The Fed’s less hawkish outlook undermines the US Dollar and also lends support.
Traders now await the release of the US NFP report for some meaningful impetus.

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