Gold retreats from June 17 highest amid USD uptick; holds above $4,300 pivotal support
Gold resumes advance on Friday after bulls paused previous day and hit new seven- high ($4371), on track for the biggest weekly gain since the third week of January.
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Gold has delivered its strongest weekly advance since January after breaking decisively above a multi-week consolidation pattern, marking the most significant technical development since the March decline began. The rally has already reclaimed a major resistance zone and shifted attention toward the broader yearly downtrend, but buyers still need confirmation that this week's breakout can develop into something more durable.
Dollar Index weakness, a gold breakout and copper's pullback put key support and resistance levels in focus ahead of the next major market move.
Gold extends its bullish reversal toward major resistance, with improving technical structure supporting higher targets while the $4,382-$4,392 zone becomes the next critical test.
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United States CFTC Gold NC Net Positions: $197.6K vs $182.1K
Gold prices broke out in a very big way this week following months of support at or around the $4k level. The big question no.
Gold rallies as mediocre US NFP crushes Fed rate hike bets
Gold seems to have completed its corrective pullback