The gold price beckons the highest weekly plus in eight months.
US inflation slowed more than expected in October, putting downward pressure on the US dollar. Due to the negative correlation, the price of gold benefits from a weaker US dollar.
The technical situation in the chart has also brightened considerably, since the downward trend channel that has been observed since March has broken out.
The price is currently also trading above the EMA 200 from the daily chart. A sustained breakout (daily closing price) could increase the upward pressure again.
The next targets on the upside could be the resistance zones at $1,765, $1,787 and the round $1,800 level.
Gold price in the daily chart (D1)
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