Gold price (Yellow Metal) has recovered the major portion of losses recorded in the Tokyo session. The precious metal declined sharply to near $1626.00 but recovered firmly and is indicating a formation of buying tail, which indicates a strong resoponsive buying structure. The yellow metal is attempting to shift into the prior balanced area placed in a narrow range of $1,645.00—$1,650.
gold and silver analysis
Gold Price Target for Next Week $1640—$1686
The overall sentiment is bullish for gold next week with the U.S. dollar, safe-haven demand, and heightened volatility selected as the top three triggers that could push the yellow metal higher in the short term.