After statements from Fed officials that further rate hikes were imminent, gold prices declined for a third week in a row. A break of the bear flag and a fall below support occur when the yellow metal continues to decrease. In the later part of the day on Friday, the price of gold gained momentum and rebound and fixed above 1,830.
Price action shows a long tailed from the close of the daily candle, which may be a sign of future bullish move, but it may be too early to make a prediction given the pressure from a strong US dollar . Although there is room for gold strength, the longer-term trend is still in favor of the fall. Because the price has reached the main support zone on the daily timeframe , the price will most likely ebb and flow in the range zone over the next week before major economic news is released. The monthly timeframe shows that the price is testing the lows of January.
Price action shows a long tailed from the close of the daily candle, which may be a sign of future bullish move, but it may be too early to make a prediction given the pressure from a strong US dollar . Although there is room for gold strength, the longer-term trend is still in favor of the fall. Because the price has reached the main support zone on the daily timeframe , the price will most likely ebb and flow in the range zone over the next week before major economic news is released. The monthly timeframe shows that the price is testing the lows of January.
