Dips to provide better buying opportunities; $1800 support expected to hold
Spot gold eases on Friday morning after larger bulls broke above pivotal 200DMA ($1826) but Thursday’s Doji candle signaled indecision.
Dips are likely to provide better buying opportunities, as near-term structure is bullish, and the yellow metal remains attractive for investors as US central bank will keep its accommodative policy to support economic recovery.
Also, the view that global economy have peaked and strong post-pandemic activity is likely to take a breather, adds to positive signals for the metal.
Gold is on track for the fourth straight week of gains that supports bullish outlook, with dips to ideally find footstep at 1.1813/09 zone (broken Fibo 38.2% of $1916/$1750 / rising 10DMA) and extended downticks to stay above psychological $1800 support.
Res: 1813; 1828; 1833; 1852
Sup: 1820; 1813; 1809; 1800