On the macro front, gold prices rose approximately 1.5% on Friday, driven by a weaker US dollar and declining US Treasury yields, putting the metal on track for a weekly gain.
$4,146 serves as a key support level for a pullback. If buyers hold this area, the price could continue to climb toward $4,226, followed by the resistance level at the upper channel boundary near $4,303. Facing resistance near $4,226 could trigger another pullback before the price resumes its upward trend.
Key price levels: $4,146—key pullback support; $4,226—first major resistance; $4,303—upper channel resistance; $4,067—major low.
Short-term momentum favors a rebound, but the price is approaching major resistance. I prefer waiting for a bounce near $4,146 rather than chasing the price near $4,195.
$4,146 serves as a key support level for a pullback. If buyers hold this area, the price could continue to climb toward $4,226, followed by the resistance level at the upper channel boundary near $4,303. Facing resistance near $4,226 could trigger another pullback before the price resumes its upward trend.
Key price levels: $4,146—key pullback support; $4,226—first major resistance; $4,303—upper channel resistance; $4,067—major low.
Short-term momentum favors a rebound, but the price is approaching major resistance. I prefer waiting for a bounce near $4,146 rather than chasing the price near $4,195.