Gold rises to new multi-week high
|Spot gold surged to a ten-week high on Thursday, as the dollar remains in defense ahead of Friday’s labor data, which could provide more details about Fed’s strategy on monetary support.
The yellow metal was also supported by comments of US Treasury Secretary Janet Yellen about no inflation problems brewing that counters earlier comments that rate increases may be needed to stop the economy overheating.
Fresh advance broke through $1800 zone which capped the action in past two weeks and rallied deeper into thick weekly cloud (spanned between $1760 and $1891).
Daily close above $1800 pivot would generate initial bullish signal which would look for confirmation on lift through $1828 (Fibo 38.2% of $2074/$1676 pullback) that would expose next key barrier at $1853 (200DMA).
Broken platform at $1800 zone (reinforced by 100DMA) reverted to solid support which needs to hold and keep fresh bulls in play.
Res: 1816; 1828; 1847; 1853
Sup: 1800; 1781;1772; 1764
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