Gold hits a multi-month high on weaker dollar

Bulls strengthened grip on Tuesday after a brief pause (presented by Monday’s Doji candle) and push gold price to a new highest level since early January.
Fresh advance peaked at $1895, pressuring psychological $1900 barrier, which guards key Fib barrier at $1922.
Weaker dollar lifts metal’s price despite calmer tones from the Fed regarding inflation that reduces golds appeal as a hedge against inflation.
Bullish daily studies support the action which cracked important Fibo barrier at $1892 (76.4% of $1959/$1676) but require daily close above to confirm the signal.
Overbought stochastic and RSI warn that bulls may lose traction and fail to register a clear break at first attempt.
Rising 10DMA offers solid support at $1862, followed by broken Fibo 61.8% barrier at $1851, with dip-buying scenario being favored while the action stays above these supports.
Caution on break of 200DMA ($1844) that would sideline bulls.

Res: 1895; 1900; 1917; 1922
Sup: 1879; 1872; 1862; 1851