Spot gold surged to the highest levels in 1 –1/2 months on Friday, lifted by a weaker dollar and a pick-up in inflation expectations, while the rally accelerated after taking out barriers at $1791/93 (Fibo 61.8% of $1834/$1721/200DMA) and psychological $1800 level, triggering stops parked above.

The yellow metal advanced nearly 1.5% so far and is on track for the second consecutive weekly gain.

A weekly close above $1800 level would add to bullish signals which look for confirmation on close above cracked Fibo 76.4% barrier that would open way towards key barriers at $1834 zone (l July/Sep lower platform). Daily techs turned to a full bullish setup and support the action, which needs to hold above the broken $1800 level to keep bulls in play.

Res: 1812; 1823; 1827; 1834.
Sup: 1807; 1800; 1794; 1791.


Interested in XAU/USD technicals? Check out the key levels

    1. R3 1802.35
    2. R2 1795.91
    3. R1 1789.45
  1. PP 1783.01
    1. S1 1776.55
    2. S2 1770.11
    3. S3 1763.65


The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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