Gold Price is headed for the first weekly gain in five weeks this Friday. Bulls have recaptured the critical 200-Daily Moving Average (DMA) at $1,838, more gains likely? FXStreet’s Dhwani Mehta reports.
End-of-the week flows likely in play
“With another data-scarce US calendar this Friday, all eyes will remain on the market’s risk perception and the price action surrounding the yields and the dollar for tracking gold moves. The end-of-the-week flows could also come into play, triggering wild swings in the price of the bright metal.”
“Should the 200-DMA, now support, at $1,838 cave in once again, then Wednesday's high at $1,825 will emerge as the next cushion for gold buyers. Further south, the $1,810-$1,808 demand area will then come into play, below which the trendline resistance now support at $1,798 will be probed.”
“Five-day highs of $1,849 will be retested on buying resurgence, reopening the upside towards the bearish 21-DMA at $1,862.”
“All in all, XAUUSD is likely to keep its choppy trend intact around the 200-DMA heading into the weekly closing.”
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