Gold Hits Weekly Peak on Fed Optimism"
Gold prices show positive momentum for the third consecutive day, buoyed by the Fed's mild expectations. The weakening USD, nearing its lowest since September, further supports the precious metal. From a technical standpoint, any move beyond the overnight high around $1,970-$1,971 may encounter resistance near the $1,980 region. Further buying could push Gold towards the $1,991-$1,992 barrier, aiming for the psychological $2,000 mark and reaching multi-month highs around $2,009-$2,010. Sustained strength above these levels would be a catalyst for bullish traders, paving the way for another short-term upward move.
On the flip side, a potential pullback correction might attract buyers and could be capped near the $1,950-$1,949 range. Subsequent support includes the 200-day SMA, currently around $1,935, and the convergence of the SMA 100 and 50 around the $1,928-$1,925 area. Failure to defend these support levels may accelerate a rapid downturn towards the significant $1,900 mark.
On the flip side, a potential pullback correction might attract buyers and could be capped near the $1,950-$1,949 range. Subsequent support includes the 200-day SMA, currently around $1,935, and the convergence of the SMA 100 and 50 around the $1,928-$1,925 area. Failure to defend these support levels may accelerate a rapid downturn towards the significant $1,900 mark.
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