Gold: Critical Resistance Before $5000 After $400 Rise in a Week!
Gold bullion closed last week's trading at $4676.4 per ounce, up by 5.14% last week, while gold futures rose to $4702.7 per ounce, up by 4.3% last week.
At the same time, the dollar index rose by 1.02% on a weekly basis, and WTI crude oil increased by 23.2% last week, while Brent oil rose by 17.6% on a weekly basis.
Gold is holding steady and testing critical resistance at $4800.
Gold maintains its stability above the 4,400 dollar level after bouncing back from significant support levels at 4100 dollars; however, positive employment data keeps pressure on the upcoming price movement, especially as the price tests the critical resistance level at 4,800 dollars. The price of gold has recovered from the 200-day simple moving average to reach the 4,800 dollar level, which seems to be a consolidation step driven by conflicting macroeconomic indicators, as good payroll data shows a clear divergence with the declining trends in the core labor market.
Gold bullion closed last week's trading at $4676.4 per ounce, up by 5.14% last week, while gold futures rose to $4702.7 per ounce, up by 4.3% last week.
At the same time, the dollar index rose by 1.02% on a weekly basis, and WTI crude oil increased by 23.2% last week, while Brent oil rose by 17.6% on a weekly basis.
Gold is holding steady and testing critical resistance at $4800.
Gold maintains its stability above the 4,400 dollar level after bouncing back from significant support levels at 4100 dollars; however, positive employment data keeps pressure on the upcoming price movement, especially as the price tests the critical resistance level at 4,800 dollars. The price of gold has recovered from the 200-day simple moving average to reach the 4,800 dollar level, which seems to be a consolidation step driven by conflicting macroeconomic indicators, as good payroll data shows a clear divergence with the declining trends in the core labor market.