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