Lingrid | GOLD forecast for the NEXT WEEK

When the US dollar and Treasury yields declined, some concerns about future Federal Reserve rate hikes faded, and gold prices surged on Friday to record their first weekly gain in five weeks. Prior to this week's Npnfarm Payrolls, new statistics from earlier in the week indicated that the US labor market is still enduringly resilient. The labor market is likely to continue to put pressure on the Fed to raise interest rates at this rate. Investor demand for the yellow metal faced obstacles from a stronger Dollar and higher rates.

The 38.2% Fibo level of the most recent rise is around $1,865, and gold price may bounce off if it remains below the level. If the price breaks the level then potential targets for XAU/USD are $1,863 and $1,880 after it stabilizes above $1,840. The daily chart's Relative Strength Index (RSI) indicator, entered the zone from where the price of gold might fall like it was before.

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Comment:

The market broke through descending channel. Price action made complex pullback toward a swing zone and downward trendline. I look forward to testing the resistance zone and rolling back towards support from resistance if the market shows no strenght to break the resistance zone . My goal is to support at around 1830