-
Ahead of upcoming PPI data, Gold digs heels at $2,645.
-
Recent dip completed 38.2% Fibonacci correction at $2,603.
-
Clearing through Iniitial hurdle at $2,660 to pave way for further rally.
-
Bargain hunters initiate longs anticipating retest of swing high $2,685.
Recent decline completed 38.2% fibonacci retracement at $2603 where bargain hunters resurfaced for value buying as geopolitical crisis refuses to show any signs of peace and safe haven demand continues to fuel rally in Gold ahead which prompts smart money flowing into Gold than Dollar itself.
Stability above $2435-$2430 is a positive signal for continuation of prevailing bullish trend in Gold which once clears immediate hurdle at $2660 which aligns with descending channel resistance, way opens for further advance towards swing high $2685
On the other hand, break below $2630 with stability below the zone will eventually drag the metal lower towards $2616-$2603 again.
The views of the article are based on price action studies, technical analysis and chart-based studies. The author does not hold positions on items he writes about. The views expressed are for educational purposes and are not trading advice.
Recommended Content
Editors’ Picks
EUR/USD resumes slide below 1.0500
EUR/USD gained modest upward traction ahead of Wall Street's opening but resumed its slide afterwards. The pair is under pressure in the American session and poised to close the week with losses near its weekly low at 1.0452.
GBP/USD nears 1.2600 as the US Dollar regains its poise
Disappointing macroeconomic data releases from the UK put pressure on the British Pound, yet financial markets are all about the US Dollar ahead of the weekly close. Demand for the Greenback increased in the American session, pushing GBP/USD towards 1.2600.
Gold pierces $2,660, upside remains capped
Gold (XAU/USD) puts pressure on daily lows and trades below $2,660 on Friday’s early American session. The US Dollar (USD) reclaims its leadership ahead of the weekly close, helped by rising US Treasury yields.
Broadcom is the newest trillion-dollar company Premium
Broadcom (AVGO) stock surged more than 21% on Friday morning after management estimated on Thursday’s earnings call that the market for customized AI accelerators might reach $90 billion in fiscal year 2027.
Can markets keep conquering record highs?
Equity markets are charging to new record highs, with the S&P 500 up 28% year-to-date and the NASDAQ Composite crossing the key 20,000 mark, up 34% this year. The rally is underpinned by a potent mix of drivers.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.