Gold breaks $4,300 resistance, eyes $4,500 next target
Gold has broken through the $4,300 resistance level, according to technical analysis in the latest Gold SWOT report. The next major price threshold is now $4,500.
Gold Market
Gold has broken through the $4,300 resistance level, according to technical analysis in the latest Gold SWOT report. The next major price threshold is now $4,500.
Gold climbed to within striking distance of $4,400 an ounce as weaker US retail sales and consumer sentiment data dragged the dollar lower, making bullion cheaper for overseas buyers.
Gold is quoted in troy ounces, a unit of weight with origins in medieval France, not the same as the ounce used for everyday goods.
Gold prices advanced towards a weekly gain on Friday, supported by a weakening US dollar and steady inflation data that cooled expectations of further Fed rate hikes.