- Gold price books third straight weekly gain, 200-DMA remains in sight.
- Daily closing above 21-DMA reignites bullish interest, as RSI recovers to 50.00.
- Gold Price Weekly Forecast: XAU/USD bulls bet on Golden Cross pattern, uptrend support, lower yields.
Thursday’s Doji candlestick doesn’t seem to have discouraged the bulls, as gold price staged an impressive bounce on Friday, although remained within the recent trading range.
Gold price rallied as high as $1812 before reversing into the weekly closing, settling the week at $1808.
Gold bulls managed to defend the critical short-term 21-Daily Moving Average (DMA) at $1796 and a daily closing yielded above the same, opens doors for the further upside next week.
The 14-day Relative Strength Index (RSI) has also steadily advanced to the central line, suggesting that the tide may have turned in favor of the bulls.
Therefore, gold buyers keep their sight on the horizontal 200-DMA, aligned at $1828.
Ahead of that, the past week’s high at $1818 could probe the bullish commitments.
Gold Price Chart: Daily
On the flip side, 21-DMA could limit any retracements from higher levels, below which the horizontal 100-DMA support at $1790 is likely to be tested.
A sustained break below the latter could revive the downtrend towards the two-month troughs of $1751.
Gold: Additional levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD retreats to 1.0750, looks to post small weekly gains
EUR/USD lost its traction and declined to the 1.0750 area in the American session on Friday. In the absence of high-tier data releases, week-end flows seem to be impacting the pair's action heading into the weekend.
GBP/USD holds above 1.2550 ahead of the weekend
GBP/USD keeps its footing on Friday and trades modestly higher on the day above 1.2550 following Thursday's rally. Ahead of next week's all-important US inflation data and Fed policy announcements, modest US Dollar weakness allows the pair to stay in positive territory.
Gold struggles to find direction, holds steady near $1,960
Gold price struggles to make a decisive move in either direction on Friday in the absence of high-impact data releases. The benchmark 10-year US Treasury bond yield stays relatively calm above 3.7% following Thursday's slide, limiting XAU/USD's action.
Weekly Roundup: Binance US halts fiat services, Coinbase does business as usual, XRP hits key milestone
The US financial regulator, the Securities and Exchange Commission’s (SEC) clampdown on exchange negatively influenced the crypto market and assets throughout the week. The lawsuits against Binance and Coinbase resulted in several challenges for the platforms’ users.
The Week Ahead - FOMC, ECB and Bank of Japan, US CPI, China retail sales and Tesco results
A busy week is ahead, including meetings from the Federal Reserve, the European Central Bank, and the Bank of Japan. Data to be released includes US CPI and China retail sales. Tesco will also release results.