Gold has broken above key technical resistance, but a move above $4,203 and the 50-day moving average is needed to confirm broader bullish momentum.
Gold price breaks higher as US Dollar weakness fuels rally
XAU/USD Price forecast: Gold extends rally as Middle East concerns intensify
The last two trading sessions have been important for gold. The precious metal has gained more than 3.5% during this period,.
Gold price climbed to a two-week high after bears failed to break it, leaving FOMC guidance and oil as the next tests.
Gold broke above the target of 4100. As we see from the chart, prices are advancing which could lead to a move towards the 4200-20 resistance zone.
Gold continues to rise despite rising rates in the United States. With this, the market will need to reconcile this divergence in recent pricing one way or another.
Gold hits two-week high as traders weigh Middle East risks, Fed outlook
The US dollar staged a four-day growth against the backdrop of air strikes on Iran. Rumours of a temporary ceasefire have not been confirmed, pushing Brent to near $93 per barrel and fuelling inflation fears.
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