Gold Needs Weekly Close Above $4,165 to Sustain Recovery
Gold is trading near eight-day highs just below $4,200 in Asian trade on Friday, on track to end a four-week losing streak. Analysts say a weekly close above $4,165 is needed to maintain the recovery.
XAUUSD
Gold (XAU/USD) is holding firm near eight-day highs, trading just below $4,200 during Friday’s Asian session. The precious metal is poised to snap a four-week losing streak if current levels hold.
According to market observers, a weekly closing price above $4,165 is required to sustain the ongoing recovery. Without that, the upside momentum may be limited.
The yellow metal has been under pressure in recent weeks but is now showing signs of a rebound. Traders are watching the weekly close closely for confirmation.
Source: FXStreet Forex News