Gold price is trading close to $2,400 early Friday, reversing from a fresh five-day high reached at $2,418 earlier in the Asian session.
Gold price jumps as Middle East escalation offsets Fed ’s ‘higher for longer’ rate view-led concerns. US Dollar rises on risk-aversion but falling US Treasury yields limit the upside. Gold price eyes a fresh record high amid a potential triangle breakout on the 4H chart. Gold priceis trading close to $2,400 early Friday, reversing from a fresh five-day high reached at $2,418 earlier in the Asian session. Despite the pullback, Gold price remains on track to book the fifth weekly gain in a row.
At thatlevel, the 21-Simple Moving Average aligns, making it a strong resistance level. Should the triangle breakout be confirmed, a test of the record high at $2,432 will be inevitable, as Gold buyers look to hit a fresh lifetime high. The Relative Strength Index is pointing north above the midline, implying more gains could be in the offing. In case, buyers fail to sustain at higher levels, Gold price could retrace toward the initial resistance-turned-support at $2,381.
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