Spot Gold Extends Its Recovery, Approaches $1,120

Source:

"Gold managed to hold above Thursday's lows and the highly psychological $1,100/oz despite USD strength"

Gold is rising further on Friday after finding support around $1,100 an ounce during the Asian session. XAU/USD rose so far to $1,119 reaching a fresh intra-day high. To the upside above $1,120 the next resistance levels lie at $1,125 and above at $1,140.

"Gold managed to hold above Thursday's lows and the highly psychological $1,100/oz level despite broad-based strength in the dollar in reaction to the Fed's surprise decision to raise the discount rate," the FastBrokers Research Team said.

The stability in gold could signal an overreaction in the major dollar pairs according to the FastBrokers Team.

The price of gold is headed toward the second week in a row with important gains as the ounce continues to move away from February lows that lie at $1,043.95.

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