- XAU/USD prolonged its rally and closed sixth straight week greater.
- Sturdy assist for gold appears to have fashioned close to $1,800.
- Pair may stage a technical correction earlier than pushing greater.
The troy ounce of the dear steel gained $11 final week and registered its highest weekly shut since September 2011 at $1,810. Furthermore, the XAU/USD pair prolonged its weekly successful streak to 6.
Though XAU/USD dropped under $1,800 earlier within the week, the broad-based promoting strain surrounding the dollar allowed the pair to reverse its path within the second half of the week.
Gold technical outlook
On the every day chart, the Relative Power Index (RSI) is staying under 80, suggesting that the pair has extra room on the upside earlier than turning into technically overbought. Nonetheless, the pair could have a troublesome time breaking above $1,820 within the near-term and stage a technical correction earlier than making a contemporary try. On the draw back, helps may very well be seen at $1,800 (psychological stage), $1,787 (20-day SMA).