Gold Surges to Over $1,920, Highest in Weeks
Gold extended its daily gains and crossed above $1,920 for the first time in over two weeks on Friday. Rising political tensions ahead of the weekend weighed on US Treasury bond yields and provided momentum for XAU/USD, which has been on a nearly 5% uptrend this week.
A brief overview of gold prices shows that it managed to reclaim the crucial short-term 21-day Simple Moving Average (DMA) at $1,878 but failed to close above it, indicating resistance at this level.
The 14-day Relative Strength Index (RSI) is hovering just below the midline, suggesting temporary bullish efforts in gold prices.
Failure to close the week above the 21-day DMA at $1,878 could reinforce bearish sentiment, triggering a fresh downturn towards Wednesday's low of $1,859. The next relevant support level is seen at the psychological mark of $1,850.
On the other hand, a sustained reclaiming of the 21-day DMA would confirm a bullish reversal from multi-month lows. Gold buyers would then target the $1,900 threshold, where the 50-day DMA gently intersects.
Furthermore, strong resistance around $1,925 might be challenged, where the 100-day and 200-day DMAs are converging.
This analysis suggests a dynamic scenario for gold prices, with $1,920 being a pivotal level to watch for potential further gains.
A brief overview of gold prices shows that it managed to reclaim the crucial short-term 21-day Simple Moving Average (DMA) at $1,878 but failed to close above it, indicating resistance at this level.
The 14-day Relative Strength Index (RSI) is hovering just below the midline, suggesting temporary bullish efforts in gold prices.
Failure to close the week above the 21-day DMA at $1,878 could reinforce bearish sentiment, triggering a fresh downturn towards Wednesday's low of $1,859. The next relevant support level is seen at the psychological mark of $1,850.
On the other hand, a sustained reclaiming of the 21-day DMA would confirm a bullish reversal from multi-month lows. Gold buyers would then target the $1,900 threshold, where the 50-day DMA gently intersects.
Furthermore, strong resistance around $1,925 might be challenged, where the 100-day and 200-day DMAs are converging.
This analysis suggests a dynamic scenario for gold prices, with $1,920 being a pivotal level to watch for potential further gains.
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