Gold can stage correction after 4-week stay in positive territory

Staff Reporter

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.

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