GOLD prices continue to fall for a long time amid rising Treasury yields
And also amid tough statements from the Federal Reserve .
But we are interested in Friday's strengthening of prices: which happened due to reports that the U.S. Federal Reserve leaders have no consensus on the further pace of interest rate hikes, and in the extreme trading session of the day the dollar index weakened slightly.
XAU prices were slightly stronger Friday, rising 1.87% and gold closed the week's session in the green zone for the first time in recent memory, gaining back some of its losses from the prior week, but at the same time Gold Futures remains on track for a record seventh straight monthly loss.
Technically, there is an interesting but divergent situation on the chart.
1) I expect the price might make a small correction to the 1654 area for a retest of the broken-down area.
2) If the bears strengthen their forces, since the opening of the trading session, the price of futures may jump to the zone of 1668, which is the nearest local resistance area .
3) But also in the bullish outlook the important role is played by the resistance of 1681, which is worth paying attention to, if the bulls have a positive reaction to the weaker levels.
And also amid tough statements from the Federal Reserve .
But we are interested in Friday's strengthening of prices: which happened due to reports that the U.S. Federal Reserve leaders have no consensus on the further pace of interest rate hikes, and in the extreme trading session of the day the dollar index weakened slightly.
XAU prices were slightly stronger Friday, rising 1.87% and gold closed the week's session in the green zone for the first time in recent memory, gaining back some of its losses from the prior week, but at the same time Gold Futures remains on track for a record seventh straight monthly loss.
Technically, there is an interesting but divergent situation on the chart.
1) I expect the price might make a small correction to the 1654 area for a retest of the broken-down area.
2) If the bears strengthen their forces, since the opening of the trading session, the price of futures may jump to the zone of 1668, which is the nearest local resistance area .
3) But also in the bullish outlook the important role is played by the resistance of 1681, which is worth paying attention to, if the bulls have a positive reaction to the weaker levels.
Trade closed: target reached
