Gold Price Forecast: XAU/USD soars and hits one-month highs above $1810
- Metals are rising sharply, amid risk appetite, a weaker dollar and a retreat in US yields.
- XAU/USD testing the $1810 resistance area.
- Price heads for a weekly close above the 20-week moving average.
Gold is rising sharply on Friday, extending weekly gains. The ounce gains more than $20 and recently reached at $1812, the highest level since mid-September. It remains near the top, with the bullish momentum intact.
Metals are posting important gains on Friday. The rally is being reinforced by a correction of the US dollar and a modest recovery in US bonds. The 10-year yields pulled back to 1.65% from 1.69%. Stocks in the US are mixed but off lows, also helping commodities.
Levels to watch
If XAU/USD holds firms above $1811 it could clear the way to additional gains, targeting the $1820 level. Above attention would turn to the critical resistance band at $1830/35 (July, August and September highs) that if broken, would strengthen then medium-term outlook.
On the flip side, a slide under $1800 would alleviate the bullish pressure while under 1790$ should warn about a potential reversal.
Technical levels
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
