Gold to gain towards a three-month high
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Gold to gain towards a three-month high

With a weaker dollar lifting the gold, the price is on the rise towards 1786.41 with bullish sentiment surging for the third day in a row. On Thursday, gold opened up an upside window due to rising speculation about the Fed's pivot with the price keeping up above 200-EMA.

If bullish momentum persists, gold would become able to break through the 1786.41 hurdle, which has been serving as solid resistance since mid-August. A decisive break of this barrier can put 1802.17 into the spotlight. Further traction above this level could turn investors’ attention to 1822.21.

Otherwise, should 1786.41 hold, sellers would push the price all way back towards the 200-EMA. However, the bullish scenario would be still in play until they break the last bottom of 1728.48.

Short-term momentum oscillators imply bullish bias. RSI is headed towards the overbought boundary at 70. Momentum is advancing in buying region. Positive MACD bars are getting taller to touch the signal line.