GOLD before NF: Beware of tricks
Gold prices increased by more than 0.7% on Thursday, resulting in an overall gain of about 1.6% for the week.
This marks the best week for gold since early April. The rise in XAU/USD comes as the US Dollar and Treasury yields weaken, highlighting gold's anti-fiat characteristics.
On the daily chart, the next major technical obstacle for gold prices is approaching. On the 4-hour chart, the pair has rebounded off the rising EMA34 and is attempting to stay above the EMA89.
Technical indicators are still in positive territory, with the RSI remaining bullish at around 64. More upside potential is expected in the near future, especially if the current positive trend continues.
This marks the best week for gold since early April. The rise in XAU/USD comes as the US Dollar and Treasury yields weaken, highlighting gold's anti-fiat characteristics.
On the daily chart, the next major technical obstacle for gold prices is approaching. On the 4-hour chart, the pair has rebounded off the rising EMA34 and is attempting to stay above the EMA89.
Technical indicators are still in positive territory, with the RSI remaining bullish at around 64. More upside potential is expected in the near future, especially if the current positive trend continues.
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