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The price of GOLD has come into key resistance and previous weekly highs. Will the price hold or will it break higher?

Watch the video to learn more…

Gold: Will It Break Weekly Highs?

The price of gold is currently sitting at previous weekly highs of $1875.00, a level at which the price fell over $200.00 in the past. Many investors are wondering whether the precious metal will break through this resistance level and continue its upward trend.

One factor that is closely tied to the price of gold is the USD Index. The USD Index and gold have been closely correlated throughout half of last year and into this year. The value of the dollar often has a direct impact on the price of gold, as a weaker dollar can make gold more attractive to investors.

Currently, the USD Index is below support which suggests that gold could trade through the weekly highs. This is because a weaker dollar makes gold more affordable for investors who hold other currencies. However, it is important to keep in mind that the upcoming CPI data could strengthen the dollar, which would cause the USD Index to climb back above 103.50. If this occurs, it would likely mean that the $1875.00 level would hold on gold.

GOLD Blueberry Markets

It is worth noting that the relationship between gold and the dollar is not always predictable. There are a variety of other factors that can impact the price of gold, such as interest rates, economic growth, and political developments. Therefore, it is important to keep an eye on a wide range of indicators when trying to predict where gold prices will go in the future.

In summary, while the current indicators suggest that gold may break through its previous weekly highs, it is not a certainty. The upcoming CPI data and the movement of the USD Index will play a crucial role in determining whether the $1875.00 level will hold. Investors should keep a close eye on these indicators and consider a variety of factors when making their investment decisions.

Have you watched our AUDUSD analysis? You can see it here

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