Gold Price Forecast: XAUUSD to end the week up again for the first time in four weeks – Commerzbank
|Gold Price recovered significantly yesterday. Weaker US dollar lends buoyancy to the yellow metal, which is set to end the week up again for the first time in four weeks, economists at Commerzbank report.
Robust recovery of gold
“The upswing is continuing, meaning that gold may end the week up again for the first time in four weeks.”
“The fact that the US dollar has been noticeably weaker since yesterday is lending tailwind.”
“What is more, a countermovement was overdue following the pronounced phase of weakness since the end of April. The Relative Strength Index (RSI) for example had been trading close to oversold territory for around a week before the price began climbing yesterday.”
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