Lingrid | GOLD Weekly MARKET Analysis

You can see that the month of March closed with a super bullish candle. On the weekly timeframe, you can see the failed long tailed bar, which shows that the bears tried to push the market down. And I think short-term pullbacks will remain buying opportunities; these could be round levels or Fibonacci retracement levels. XAUUSD is rising for a variety of reasons, including geopolitics, central bank buying, and, of course, potential interest rate cuts.

However, J. Powell, the Chair of the Federal Reserve, recently addressed the public while the market was closed. He mentioned that there has been progress in tackling inflation, which is a positive sign. But he also emphasized that the Federal Reserve is in no hurry to reduce interest rates. According to Powell, more data is required to make informed decisions about future monetary policies. 

Based on last week's candlesticks, we can say that there is a lot of buying pressure in the market. And given that, I think we're going to see a bullish move. I believe that this market will reach at least resistance zones 2,500–2700 in the next few weeks, but it could exceed that mark. Any pullback at this point should be viewed as a potential buying opportunity. The ideal pullback is going to be a key support level at 2200, followed by the continuation of the trend. 

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻