On Friday, the gold and metals markets remained stable and were expected to experience a second week of growth.
This was due to the dollar weakening and predictions that the Federal Reserve would halt its rate hike cycle.
The yellow metal had its highest intraday gain in two weeks on Thursday, reaching the highest end of a trading range seen since mid-May due to an increase in weekly US jobless claims, which further supports the idea of a Fed pause.
In the short term, it is highly likely that the price of gold will reach $1985 as soon as it breaks out of the $1970 price zone. It is recommended to establish a breakout order at this price zone. Furthermore, based on the multi-frame chart, a bullish momentum is still warranted.
This was due to the dollar weakening and predictions that the Federal Reserve would halt its rate hike cycle.
The yellow metal had its highest intraday gain in two weeks on Thursday, reaching the highest end of a trading range seen since mid-May due to an increase in weekly US jobless claims, which further supports the idea of a Fed pause.
In the short term, it is highly likely that the price of gold will reach $1985 as soon as it breaks out of the $1970 price zone. It is recommended to establish a breakout order at this price zone. Furthermore, based on the multi-frame chart, a bullish momentum is still warranted.
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