XAUUSD - Precious metals level off after 'galloping'

Last week, the gold market witnessed the most impressive breakthrough since early spring when the price of this precious metal increased by more than 60 USD/ounce thanks to strong safe-haven demand at both the beginning and end of the week.

Kitco News's latest weekly gold survey shows that market analysts and retail investors expect gold to continue to increase in price in the week ending October 20.

On the data front, this week was a relatively quiet week with little important data being announced. In addition, September US retail sales numbers will be announced on Tuesday, the market awaits Fed Chairman Jerome Powell's speech on Thursday.

In addition, the US announced tightening sanctions on Russian crude oil exports on Friday, causing oil prices to increase to 90 USD/barrel. Some analysts note that as oil prices continue to rise, gold's role as a safe haven will help fend off risks, which is even more beneficial for gold.

Comment:

XAUUSD BUY SCALPING 1917-1919

✔️TP1: 1925
✔️TP2: 1932

❌SL: 1910

Comment:

XAUUSD BUY 1898 -1900

✔️TP1: 1907
✔️TP2: 1915

❌SL: 1890