
Gold Price is staging a solid comeback after finding strong support near the $1,840 region over the past two trading days. The bright metal is looking to retest the two-week highs on the road to recovery, as the US dollar is struggling to recover further ground amid mixed market sentiment and subdued Treasury yields. Dismal US GDP, Markit Manufacturing PMI and Pending Home Sales point to signs of US economic slowdown, cooling off the aggressive Fed tightening expectations and keeping the dollar broadly undermined. This week’s turnaround in global stocks is also weighing on the greenback’s safe-haven appeal, benefiting the USD-priced gold.
Gold Price: Key levels to watch
The Technical Confluences Detector shows that the Gold Price is fast approaching strong resistance at $1,863, as the renewed upside gathers steam.