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XAU/USD Outlook: Gold Rises to Seven-Week High, Fresh Advance Completes Double-Bottom Pattern

Spot gold rose to seven-week high on Friday, gaining 0.8% for the day in extension of Thursday’s 1.5% advance.

Weaker dollar and US Treasury yields holding near one-month low were the main drivers of the yellow metal in past two days.

Fresh strength generated bullish signal on eventual break above $1755 pivot that confirmed formation of a double-bottom pattern ($1676).

Key Fibo resistance at $1784 (38.2% of $1959/$1676) is under pressure, with firm break here to add to positive signals for further recovery towards $1800/03 (psychological / 100DMA) and $1818 (50% retracement of $1959/$1676 downtrend).

Rising positive momentum on daily chart and moving averages (10/20/30) in bullish setup support the action, as the metal is on course for the second straight bullish weekly close and for the biggest weekly advance since the mid-December.

Broken 55DMA ($1760) reverted to solid support which is holding today’s action and is expected to keep the downside protected.

Res: 1784; 1800; 1803; 1818.
Sup: 1760; 1755; 1750; 1746.

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