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Gold price stays in consolidation mode around $1,840 after rallying to its highest level in two months near $1,850 on Thursday. Gold price showed some resilience below the $1,830 resistance-turned-support and the subsequent strength favours bullish traders. That said, any further move up is likely to confront resistance near last week’s swing high, around the $1,848 region.
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Gold price reverse the previous day’s pullback from the highest levels since late November during early Friday. In doing so, the yellow metal cheers consecutive third day of the downbeat US Treasury yields, as well as risk-off mood amid the market’s cautious sentiment ahead of next week’s Federal Open Market Committee (FOMC).
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