Gold price is extending the post-Fed bullish momentum, despite eyeing a fourth straight monthly decline this Friday. The bright metal is set to end with the biggest weekly gain since mid-May, as the US dollar correction strengthens.
Gold Price: Key levels to watch
The Technical Confluence Detector shows that the gold price is looking to extend the uptrend above the pivot point one-day R1 at $1,765.
Acceptance above which will trigger a sharp advance towards the confluence of the SMA200 four-hour and pivot point one-day R2 at $1,773.
Further up, the pivot point one-week R2 at $1,775 will challenge the bearish commitments. Doors will then open up towards the pivot point one-month S1 at $1,781.
On the flip side, the precious day’s high of $1,757 will be the immediate cushion, below which the SMA5 four-hour meet with the pivot point one-month S2 at $1,754