GOLD - Experiencing a downtrend
Updated
US economy showed positive growth in Q1, reducing the risk of a recession. This allows the FED to raise interest rates at least twice in the near future, as stated by FED Chairman Powell recently.
However, with low physical gold demand and the possibility of central banks, especially the FED, continuing to raise interest rates, the outlook for gold prices in the coming week is negative.
The focus of the market will be on the US Non-Farm Payroll (NFP) report. If the NFP exceeds the expected 222,000 jobs, it will have a negative impact on gold prices.
From a technical perspective, gold has experienced a correction below the $1,900 level. Currently, it is hovering around a resistance level based on the Weekly chart, and the W1 candlestick pattern suggests a potential rebound after the recent decline.
However, with low physical gold demand and the possibility of central banks, especially the FED, continuing to raise interest rates, the outlook for gold prices in the coming week is negative.
The focus of the market will be on the US Non-Farm Payroll (NFP) report. If the NFP exceeds the expected 222,000 jobs, it will have a negative impact on gold prices.
From a technical perspective, gold has experienced a correction below the $1,900 level. Currently, it is hovering around a resistance level based on the Weekly chart, and the W1 candlestick pattern suggests a potential rebound after the recent decline.
Note
From a technical standpoint, gold has declined after failing to surpass the trendline resistance at $1,935 at the beginning of the week.If $1,895 is breached, selling pressure could increase, potentially leading to a Pullback towards the $1,860 level.
In the event that doesn't occur, speculators pushing prices higher will regain market control, with initial resistance ranging from $1,930 to $1,935. Furthermore, the focus will shift higher to $1,975.
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