Gold Rises Over 3% on Weaker Dollar

Gold price surged over 3% on Wednesday, driven by sharp fall in the US dollar, on primarily dovish outlook for the Fed monetary policy action.

Fresh gains show strong attempts for eventual break above eight-day range, defined by $4310 floor, reinforced by daily Ichimoku cloud base ($4358) and range tops at $4440 zone, though several upticks failed to register daily close above Fibo barrier at $4416 (50% retracement of $4889/$3942 bear-leg).

Sustained break higher to generate signal of bullish continuation, with immediate targets at $4509 (200DMA) and $4527 (Fibo 61.8%), while stronger acceleration would focus $4600 (round-figure) and $4666 (Fibo 76.4%).

Daily studies firmed following multiple DMA bull-crosses, strong bullish momentum, while thick daily cloud underpins.

Broken barriers at $4440 (range top) and $4416 (50% retracement) revert to solid supports which should hold potential dips and keep fresh bullish structure intact.

Res: 4509; 4527; 4600; 4666
Sup: 4440; 4416; 4371; 4330