Gold Mini with code Goldm has support at 50600.
Near trend may remain upside and it is likely to test 51000 levels.
It has resistance at 51100
Make money using our MCX Gold Tips on a daily basis.
Gold Rises on Dollar Weakness
Gold rose above $1,850 an ounce on Friday and was on track for its second straight weekly gain, benefiting from recent weakness in the dollar. The dollar hit its lowest against a basket of major currencies as traders lowered Federal Reserve rate hike expectations amid signs the central bank might slow or even pause its tightening cycle later this year.
Minutes of the last FOMC meeting showed that most participants believed that 50 basis point rate hikes would be appropriate at each of the next two meetings in June and July to get on top of inflation. However, many officials thought big, early hikes would allow room to pause later in the year to assess the effects of that policy tightening, while carefully watching the evolving economic outlook.
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