Gold outlook: Price emerges above daily cloud and on track for the second consecutive weekly gain
|XAU/USD
Gold price ticked higher and hit new two week high on Friday, on track for the second consecutive bullish week, with weekly advance around 1.3%.
Bullion received fresh support from growing geopolitical tensions and renewed bets for the US Federal Reserve first rate cut in coming months.
Recent bounce from $2300 zone, left a higher base which acts as solid support and marks the base of consolidation under new record high ($2450), keeping larger bulls in play for fresh acceleration higher.
Eventual break and close above daily Ichimoku cloud generated bullish signal, which will look for verification on weekly close above $2349 level (daily cloud top / broken Fibo 38.2% of $2450/$2286). Furthermore, sustained break above $2368 (50% retracement / daily Kijun-sen) will generate bullish signals and further strengthen near-term structure.
Res: 2368; 2387; 2400; 2411.
Sup: 2349; 2341; 2331; 2323.
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