Spot gold accelerated higher in early European trading on Friday and eventually broke above former 2019 high at $1346 (20Feb) to hit the highest levels in fourteen months.
The yellow metal extends strong rally into third straight day, boosted by expectations of Fed rate cut by the end of the year on slowing inflation, weaker labor sector and the newest crisis in the Middle East that boosts safe-haven demand.
Significant bullish signal can be expected on weekly close above $1346 pivot that would expose 2018 highs at $1365/66 and open way towards key barriers at $1375/82 (2016 high/Fibo 38.2% of longer-term $1923/$1047 fall).
Bullish studies support positive sentiment with corrective dips expected to offer better buying opportunities above rising 10SMA ($1333).
Res: 1360; 1365; 1370; 1375
Sup: 1350; 1346; 1341; 1337
Interested in XAUUSD technicals? Check out the key levels
- R3 1356.94
- R2 1350.07
- R1 1346.22
- PP 1339.35
- S1 1335.5
- S2 1328.63
- S3 1324.78
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