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GOLD → A weakening dollar boosts the XAU

GOLD Forecast
👑 Ideas For XAUUSD / GOLD

📈 GOLD → A weakening dollar boosts the XAU

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#XAUUSD gained +1.1% over the past week. The market is quite strong and the end of the trading week shows a bullish mood and several indications that the growth may continue as the asset has not reached its target yet.
The week ahead is full of important fundamental aspects. On Wednesday, Thursday and Friday important news will be released, here are the ones to pay attention to:

  • - GDP (QoQ
  • - CPI, Core PCE, Initial Jobless Claims
  • - ISM Manifacturing, Fed Chair Powell Speaks

The trend seems to be shifting towards inflation improving, the dollar is easing a bit, but the Fed will not cut rates yet, Powell will not make a major move at this stage when there is no fundamental anchoring yet and the market is just showing a reaction.
The DXY on W1 is in a range, after a false breakdown of resistance the asset is heading towards support, the fundamentals support this decline.

Gold on the other hand in its case is headed for a test of its range, the key level at the moment is 2010.

Earlier, the price consolidated above the key support 1984, against which there was a struggle for several weeks, and also, the micro rally is triggered by the consolidation above 1993.

The market is strong and on the background of the bullish trend is actively capturing important resistance levels.
From the beginning of the opening trading session the local resistance at 2003.6 plays an important role, if this area is broken, the price will head towards 2010, then we should expect the price reaction to this area. The market is in the phase of realization of the bullish potential after the formation of a reversal set-up, bounce from the global trend support and false breakdown of MA200. The breakout of 2010, test of 2025 - 2048 may become the target of such realization.

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