The daily improvement in the Greenback motivates Gold prices to give away part of the weekly strong advance and slip back to the vicinity of the $2,700 region per troy ounce at the end of the week.
The short-term technical outlook for Gold price continues to favor of Gold buyers as the previous week’s symmetrical triangle breakout remains in play and the yellow metal holds well above all the major daily simple moving averages (SMA).
Gold price eyes acceptance above the key static resistance at $2,726 to extend the uptrend toward the $2,750 psychological barrier. The next target is aligned at the record high of $2,790.
If the correction unfolds, Gold price will find initial demand at the previous day’s low of $2,690, below which the January 15 low of $2,670 will be tested.
The short-term technical outlook for Gold price continues to favor of Gold buyers as the previous week’s symmetrical triangle breakout remains in play and the yellow metal holds well above all the major daily simple moving averages (SMA).
Gold price eyes acceptance above the key static resistance at $2,726 to extend the uptrend toward the $2,750 psychological barrier. The next target is aligned at the record high of $2,790.
If the correction unfolds, Gold price will find initial demand at the previous day’s low of $2,690, below which the January 15 low of $2,670 will be tested.
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