Lingrid | GOLD weekly market PREVIEW

During the American sessions, the price of gold climbed even more, breaking beyond $1,980, its highest level since April 2022, and heading toward the third-highest weekly close in history. The yellow metal is up more than 6.0% from its level one week ago. The significant decline in Treasury yields is what's fueling the surge in gold prices. Monetary policy expectations and the outlook for the economy were affected by the financial crisis.

The Federal Reserve will make its conclusion public the following week. Rates are predicted to rise by 25 basis points. It appears likely that gold will trade above $2,000 next week. Price makes rapid declines even when it climbs continuously in the upside direction. Trading in this environment requires particular caution.

Seller can push the price from psychological level 2000. RSI is in overbought territory. On the daily timeframe , the market made a big bullish candle. I expect some consolidation near the main resistance at 2000, the decision-making point, or a pullback before continuing the rally. If the price closes below the support, that means bulls are pushed back and the market might decline.

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

Comment:

The price perfectly fulfills my last idea and it's heading toward the main resistance. The market broke through the resistance at 2000. I think gold might go up to test the next resistance if the support 1950 - 1960 zone holds the price. The market might pull back before rising again or form ranging pattern. My goal is the resistance zone at 2020 from previous support.