Gold Regains Control as Dips Attract Buyers
Gold prices are on track for their strongest weekly gain since January as investors continue to buy dips and defend key technical levels.
The metal has climbed as much as 1.2% on Friday, reaching $4,290 an ounce, after briefly moving above $4,300 on Thursday following optimism surrounding the possible reopening of the Strait of Hormuz.
Despite renewed tensions across the Middle East, which normally would support gold through safe-haven demand, investors have regained control of the short-term trend and are instead focusing on technical recovery.
The $4,000 level has become a major psychological and technical reference point for gold, and investors who had been waiting for lower entry points have increasingly returned as the metal demonstrated its ability to remain above this threshold.