Gold Climbs to Weekly Highs as Dollar Softens, Rate Hike Bets Cool
Gold prices surged to fresh weekly highs, breaking above a triangle formation, as a softer US dollar and weak US data dampened expectations for further Fed rate hikes.
XAUUSD
Gold's recovery accelerated on Wednesday, pushing XAU/USD past the upper boundary of a triangle pattern to reach new weekly highs.
The move was fueled by a weaker US dollar, which came under pressure as declining oil prices and lackluster US macroeconomic data reduced market conviction in additional Federal Reserve rate hikes.
A confirmed break above the triangle resistance could signal a shift in near-term momentum, with traders eyeing the next technical levels.
Source: FXStreet Forex News