On Wednesday, in the European market, spot gold maintained a strong upward trend during the day. The price of gold currently stood at US$1,870 per ounce, rising by more than US$12 during the day. Gold prices are gearing up for the next leg of gains, targeting $1,880 an ounce.
The recent dovish shift in the attitude of Federal Reserve policymakers has caused a correction in the U.S. dollar and U.S. bond yields, which is positive for gold prices.
As you can see from the 4-hour gold chart, gold prices are back in bullish territory after the relative strength index (RSI) pulled back from overbought territory. This suggests that another rise in gold prices toward the key resistance level of $1,880 an ounce cannot be ruled out.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.