Fundamental Descriptions: Gold was down on Friday morning in Asia but set for its first weekly gain since mid-April 2022. The dollar retreated from two-decade highs and growing concerns over U.S. economic growth saw investors turn to the safe-haven asset. Gold Price extended the previous rebound and stormed through the critical 200-Daily Moving Average (DMA), now at $1,838 after lurking below the latter so far this week. Gold Price benefited, as the greenback resumed its correction from two-decade highs alongside falling yields. The bright metal jumped as much as 1.5% to test the $1,850 barrier before easing to settle the day at $1,842.
Technical View: Five-day highs of $1,849 will be retested on buying resurgence, reopening the upside towards the level of 1862.
Alternate View: Should the 200-DMA, now support, cave in once again, then Wednesday's high at $1,825 will emerge as the next cushion for gold buyers.
Technical View: Five-day highs of $1,849 will be retested on buying resurgence, reopening the upside towards the level of 1862.
Alternate View: Should the 200-DMA, now support, cave in once again, then Wednesday's high at $1,825 will emerge as the next cushion for gold buyers.