Gold Continues Rises Amid Weak US Dollar and Economic Data
The price of gold gained some positive momentum on Friday, reaching $2,350 during the early part of the European trading session after sustaining its upward trajectory for several days. The US Dollar (USD) was further weakened by the US GDP data released the previous day. However, the significance of any upward movement in price for the precious metal remains elusive, as it is difficult to gauge against the backdrop of the Federal Reserve's (Fed) hawkish expectations.
From a technical perspective, on the 4-hour chart, XAU/USD struggled to surpass the Simple Moving Average SMA100. The next price target seems to be around the resistance levels at approximately $2,371-$2,372. With the continued bullish momentum, the target may extend further, aiming for the psychological level of $2,400.
From a technical perspective, on the 4-hour chart, XAU/USD struggled to surpass the Simple Moving Average SMA100. The next price target seems to be around the resistance levels at approximately $2,371-$2,372. With the continued bullish momentum, the target may extend further, aiming for the psychological level of $2,400.
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