Gold prices were up slightly on Friday on the back of negative sentiment on the U.S. dollar. The US Dollar is presently hovering near three-year lows due to the fears that the US government may be forced to shut down some of its services. However, gold was still on its way to end the week slightly lower for the first time in six weeks.
Much of what will happen to gold prices this week will hinge on what US lawmakers can do to halt the government shutdown. An attempt to pass legislation to curtail the imminent federal government shutdown did not bear any fruit in the Senate late on Thursday, even as the House of Representatives was able to pass the month-long bill successfully. House Majority Leader Mitch McConnell and prominent Democratic Senators have continued to assure the public that they would work to get the bill to pass through.
Gold Daily Supply & Demand Zones:
Gold 4h Supply & Demand Zones:
Gold 1h Supply & Demand Zones: