In the European market on Thursday, spot gold maintained its intraday upward trend, with the price of gold currently located around $1,995 per ounce. Against the background of another weakening of the US dollar, gold prices are launching a new upward trend towards US$2,000 per ounce. Optimism that the Federal Reserve may end its tightening cycle is weighing on the dollar and U.S. Treasury yields. Gold prices could climb further as gold technicals form a bullish crossover.
A daily close above the $2,000/oz mark is critical for further gains, in which case the first resistance would be at the multi-month high of $2,009/oz. After this, the next upward target for gold prices is $2020 per ounce.
On the downside, the short-term support level for gold prices is found at the 21-day moving average of $1,977 per ounce. Once it falls below this level, gold sellers will focus on the $1955-1950 $/ounce area.
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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.