Spot Gold Price Technical Analysis: Boosted by a weaker dollar and growing inflationary pressures, gold prices rose to a near five-month high on Tuesday. The spot gold was up 0.2 per cent at $1,911.45 per ounce by 0255 GMT, after hitting its highest since Jan. 8 at $1,914.26 earlier in the session.
Gold price seesawed between tepid gains/minor losses through the early North American session and was last seen trading in the neutral territory, around the $1,880 region.
Spot Gold price (Yellow Metal) extended its choppytrend into the second straight session on Thursday, although remained within a familiarrange below the three-month highs of $1890.
Spot gold kept positive tone on Thursday despite warning technical signal of indecision and possible stall from Wednesday’s long-legged Doji candle.
Gold Price Analysis; Gold finally broke out of its intraday consolidative trading range and surged to near three-month tops, around the $1,843 region during the early North American session.
Gold Price Analysis: Gold inches closer to the $1,800 threshold, refreshing weekly top to $1,788.31 by the press time of early Thursday. In doing so, the yellow metal takes the bids for the second consecutive day on the weaker US dollar. Recently propelling the commodity prices are the comments from US President Joe Biden.