Gold bulls are in a never-say-die mood, attempting to post a third consecutive weekly gain and erase declines stemming from Monday’s stronger-than-expected US services PMI print.
The precious metal is attempting to reclaim the psychological $1800 mark, though the 200-day simple moving average (SMA) appears to be standing in gold bulls’ way for the time being.
China’s easing of its Covid Zero stance is helping to restore gold prices to recent heights.
The precious metal remains eager to take advantage of the US dollar that’s waning in light of a presumably less-hawkish Fed.
Fundamental catalysts await over the coming week that could dictate whether gold sees out the year above or below $1800.
A cooler-than-expected US CPI print, coupled with fresh signals that the peak for US rates is drawing even closer, should reinforce gold’s ability to extend its recovery.