Staff Reporter Islamabad
Gold prices closed the previous four weeks in positive territory and can stage a technical correction in the coming week starting today (Monday) before the next leg-up.
During the last week, gold stayed relatively quiet on Monday and Tuesday but managed to regain its traction on Wednesday.
Following a 1% increase mid-week, gold preserved its bullish momentum and touched its highest level in a month at $1,834 on Thursday but retraced a large portion of its rally on Friday. Nevertheless, gold settled at $1,813.20 and registered small weekly gains.
In the coming week, there will not be any high-tier data releases during the first half.
During that time period, the US dollar’s market valuation is likely to drive gold’s movements within the boundaries of significant technical levels.