Fundamental Description: Gold was up on Monday morning in Asia. A weaker dollar gave the yellow metal a boost, but a move towards riskier assets in Asia capped gains. Gold Price ended Friday with mild gains above $1,850 while having booked the second straight weekly gains, as the US dollar correction extended alongside the US Treasury yields’ amid subsiding aggressive Fed tightening expectations.
Technical View: Having found strong buyers once again at the bearish 200-Simple Moving Average, now at $1,849, gold price is looking for a retest of the previous week’s high of $1,870.
Alternate View: Failure to resist the latter will reinforce the selling interest, opening floors for a fresh downswing towards the May 18 low of $1,807.
Technical View: Having found strong buyers once again at the bearish 200-Simple Moving Average, now at $1,849, gold price is looking for a retest of the previous week’s high of $1,870.
Alternate View: Failure to resist the latter will reinforce the selling interest, opening floors for a fresh downswing towards the May 18 low of $1,807.