Gold Technical Analysis: Trying to Advance to $1800

Gold futures held above the $1800 level to close out the week, driven by easing inflation expectations and the expectation that the Federal Reserve will focus its tightening efforts. But the rise of the US dollar put a cap on the gains of the yellow metal. The price of gold is stable around the support level of $ 1792 an ounce at the time of writing the analysis, and the highest price of gold today was $1802. During last week’s trading, XAU/USD gold prices recorded a weekly boost of about 1.2%, reducing its decline since the start of the year 2022 to date to less than 1%. This represents the fourth consecutive weekly gain, and is the longest active streak in about seven months.

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