Spot gold regained traction and rose on Friday, following a shallow dip in past two days. Near-term action has established above 200DMA that adds to bullish near-term bias, however it is still ranging between 200DMA ($1839) and $1867 (Fibo 38.2% of $1998/$1786).
The metal is on track for the second consecutive bullish weekly close, inflated by weaker dollar that adds to positive near-term tone.
Formation of 10/200DMA golden-cross and rising 14-d momentum emerging into positive territory, underpin the action, but bulls need confirmation on sustained break above $1867 pivot that will signal bullish continuation and expose targets $1886/92 (100DMA / 50% retracement of $1998/$1786) and psychological $1900 barrier.
Res: 1867; 1874; 1886; 1892.
Sup: 1848; 1839; 1836; 1810.
Interested in XAU/USD technicals? Check out the key levels
- R3 1869.86
- R2 1862.13
- R1 1856.46
- PP 1848.73
- S1 1843.06
- S2 1835.33
- S3 1829.66
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