Gold price emerges above daily cloud and on track for the second consecutive weekly gain

Gold price ticked higher and hit new two week high on Friday, on track for the second consecutive bullish week, with weekly advance around 1.3%.

Bullion received fresh support from growing geopolitical tensions and renewed bets for the US Federal Reserve first rate cut in coming months.

Recent bounce from $2300 zone, left a higher base which acts as solid support and marks the base of consolidation under new record high ($2450), keeping larger bulls in play for fresh acceleration higher.

Eventual break and close above daily Ichimoku cloud generated bullish signal, which will look for verification on weekly close above $2349 level (daily cloud top / broken Fibo 38.2% of $2450/$2286). Furthermore, sustained break above $2368 (50% retracement / daily Kijun-sen) will generate bullish signals and further strengthen near-term structure.

Res: 2368; 2387; 2400; 2411
Sup: 2349; 2341; 2331; 2323