GOLD → Are the bulls ready to break through 2430 and go
GOLD on the background of weak dollar and favorable fundamental background realizes the accumulated potential after breaking through resistance. The price is testing the global resistance of 2431
The market is bullish again, which was supported by economic news, mainly related to inflation.
Technically, the gold is again interested in strong buyers after the correction phase, which ended at the moment of the beginning of the realization of the bullish pattern, as well as the confirmation of the bulls. In general, this movement can be continued, as the general background is favorable for the gold market
In the coming week traders are interested in such news as:
- Powell's speech on Monday
- FOMC meeting minutes on Tuesday
- Initial Jobless Claims on Thursday
Resistance levels: 2418, 2431
Support levels: 2400, 2375
Technically, the price may test the ATH on Monday, but a bounce or a false breakdown may be formed afterwards, which will lead to a small correction. A quick retest of 2431 could lead to a breakout and further growth