Commodities
Gold Seeks $4,494 Target After Bullish Reversal on Weekly Chart
The gold price has formed a bullish reversal on its weekly chart, opening up the possibility of an advance towards $4,494.
A spot gold weekly chart analysis from TradingView shows that if the uptrend line can be recovered, gold could move towards an initial target zone near the October peak of $4,382 and the 100-day moving average at around $4,394 and falling.
The higher 200-day moving average provides a next target zone above there at $4,494. However, since there has not yet been a larger pullback to test the 200-day moving average as resistance, signs of resistance are expected on the first approach to that average.