Gold rebounds, breaks through barrier

During the Asian market on Friday, spot gold suddenly surged in the short term. The price of gold just exceeded US$1,915 per ounce, setting a new intraday high.
Gold prices also extended their rebound from Thursday's New York session. Spot gold hit an intraday low of $1,901 per ounce on Thursday, but gold prices subsequently rebounded and closed at around $1,910 per ounce that day.
The European Central Bank raised interest rates by 25 basis points on Thursday, but suggested that this may be the last rate increase. Traders described it as a "dovish rate hike", which means that global bond yields may not need to rise further, increasing the appeal of gold.
However, as U.S. economic data performed stronger than expected, the U.S. dollar received strong support, which may limit the rebound in gold prices.
Support levels: $1,907/ounce; $1,893/ounce; $1,884/ounce
Resistance level: $1921/oz; $1933/oz; $1944/oz

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