Fundamental Descriptions: Gold was up on Friday morning in Asia and was set for a second weekly gain after the dollar retreated from 20-year highs. Gold has benefited from a strong bearish reversal in the dollar. On May 13 the dollar index hit an apex trading to a high just above 105. In the last nine trading days, the dollar has declined to its current value of 101.775, or a 3.23% decline in value when compared to the basket of currencies that are compared against the dollar.
Technical View: The next critical target is at $1,861, which bulls will have scale on a convincing basis to validate an upside break .
Alternate View: If bears yield a sustained break below the 100-SMA, it will automatically invade the support as well, confirming a downside break.
Technical View: The next critical target is at $1,861, which bulls will have scale on a convincing basis to validate an upside break .
Alternate View: If bears yield a sustained break below the 100-SMA, it will automatically invade the support as well, confirming a downside break.