XAUUSD WEEKLY WRAP UP
This week, Gold (XAU/USD) continued its upward trajectory, achieving a sixth consecutive weekly gain. The metal reached a new record high above $2,880, reflecting sustained bullish momentum.
Key Influencing Factors:
Federal Reserve Commentary: Remarks from Federal Reserve Chair Jerome Powell contributed to market optimism, supporting the rally in gold prices.
Technical Levels: Gold approached the significant psychological level of $3,000 per ounce, with analysts suggesting that surpassing this threshold could be a potential game-changer for the metal.
Outlook:
The market's focus is now on upcoming U.S. economic data, particularly the Consumer Price Index (CPI), which could serve as a catalyst for further price movements. A higher-than-expected CPI reading may bolster expectations of a more hawkish Federal Reserve, potentially exerting downward pressure on gold. Conversely, a softer CPI could support continued gains in gold prices.
Traders are advised to monitor these developments closely, as they will play a crucial role in shaping gold's trajectory in the near term.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.