Friday at a glance: CME Gold rallied $25.7 (1.57%) deep into the session, closing at $1,662.5 per ounce.
Gold made an initial breakout above its 10 day Simple Moving Average at $1,658, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of $1,660.66 currently serving as resistance. If broken, the next Fib hurdle is expected to be $1,672.2. Despite this, Gold broke through the $1,658.57 resistance and climbed $3.93 above it.
Overall, looking at the technical analysis landscape, it seems CME Gold might continue pointing upwards in the short term.
A look at other Metals also shows upside as Silver surges 3.8% Friday and closed at $18.69. Notably, Copper rose 2% Friday and closed at $3.41. Platinum is trading around $949.3 after ending Friday's session at $930.1 (up 2.06% today).
7 months ago CME Gold reached a significant high of $2,058.3 but has consequently lost 20.48% since then.