Gold traded in a tight range between 1748 and 1765 through the Friday session, failing to break significantly higher despite the weakness in the DXY.
As markets consider the risk of a recession in the US and develop a stronger risk-off sentiment, further upside on Gold can be anticipated.
Look for the price to break above the 1770 price level to signal more upside, with the next key resistance level at the round number of 1800.
However, if the price breaks below the 1730 price level (61.8% fib level) AND the DXY recovery in strength is sustained, Gold could reverse significantly back toward the 1620 support level
As markets consider the risk of a recession in the US and develop a stronger risk-off sentiment, further upside on Gold can be anticipated.
Look for the price to break above the 1770 price level to signal more upside, with the next key resistance level at the round number of 1800.
However, if the price breaks below the 1730 price level (61.8% fib level) AND the DXY recovery in strength is sustained, Gold could reverse significantly back toward the 1620 support level