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GOLD: Intraday Analysis & Setup update

Gold prices rose on Thursday, helped by expectations that the Federal Reserve’s policy tightening cycle has come to an end, although a higher U.S. dollar kept gains in check.

“Gold’s strong rebound from its 200-day average gives bulls the upper hand (in) the near-term, so we prefer to buy dips above 1,940 for a potential move to the 1,985–2,000 range,” City Index senior analyst Matt Simpson said. “Gold’s volatility has receded following the excitement after the U.S. inflation report, and it looks quite comfortable around $1,960 despite the dollar’s attempt to recoup some of its losses,” Simpson added.

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