Gold Pulls Back From Seven-Week High After Touching $4,300
Gold retreated from a seven-week peak above $4,300 after bulls failed to maintain the breakout level, following a sharp one-day rally.
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Gold prices surged over 4% in the previous session and extended gains to a fourth day during Asian trading, hitting the highest level since June 18 and briefly breaching $4,300. However, the metal was unable to sustain that level and subsequently pulled back.
Bulls struggled to find acceptance above the $4,300 mark, triggering a retreat. The pullback follows an initial blowout rally, highlighting resistance at the psychologically important threshold.
Source: FXStreet Forex News