The yellow metal finished the week in the red as US data overshadowed fears but Chief analyst at FXStreet Valeria Bednarik's indicates the bullish technical outlook of the commodity.
“The bright metal is trading close to the 61.8% retracement of its long-term decline measured between 1,920.70 and 1,046.37, at 1,585.98.”
“The weekly chart shows that the price is far above all of its moving averages, which retain their bullish slopes.”
“Daily basis, the commodity is holding just above a flat 20 DMA, but far above the larger ones. Technical indicators are bouncing from their midlines, also favouring further advances. The immediate resistance is 1,579.60.”
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