Let's take a moment to review the gold market performance over the past week and strategize for the upcoming period together!
Reflecting on the past week, the price of gold appeared to remain relatively stable, oscillating between $2022 and $2028, despite the release of significant news impacting the gold market. However, by the evening of last Friday, gold experienced a significant fluctuation, with prices plummeting to $2016 only to rebound impressively to $2042. This surge was attributed to the weakening of the USD and increased safe-haven buying amid concerns regarding developments in the Middle East.
Currently, the precious metal has temporarily closed at $2035. From the charts, it's observable that the price increase has transitioned into a corrective wave after successfully breaching the $2033 resistance level. It is anticipated that upon opening next week, gold prices may further decline to the range of $2031 to $2028 as indicated by Fibonacci retracement levels, before the next upward price movement commences.
What are your thoughts on XAUUSD?
Feel free to share your insights or strategies as we navigate the gold market together!