Weekly Recap:
This past week, gold showed impressive resilience, consolidating above the key $3,000 level. The market tested that psychological support early in the week, but each dip found strong buying interest. The $3,000 level held firm, and gold remained inside a tight but bullish range, roughly between $2,980 and $3,070. By the end of the week, gold was back near its all-time highs, reflecting continued safe-haven demand.
Several factors influenced price action:
Geopolitical tensions and trade concerns continued to dominate the narrative. Investors remained cautious, with attention focused on potential U.S. tariffs and their impact on inflation and global growth.
The Federal Reserve maintained its cautious stance, with some officials suggesting there's more work to do on inflation. However, the broader market still expects rate cuts later this year, which is generally supportive for gold.
The U.S. dollar saw some mid-week strength on the back of hawkish Fed commentary and tariff uncertainty, temporarily capping gold's upside. But by Friday, the dollar had softened, allowing gold to regain ground.
Economic data, particularly inflation figures, came in largely as expected, reinforcing the view that the Fed may not need to act aggressively in the short term.
From a technical perspective, gold appears to be forming an ascending triangle pattern on the daily chart. Horizontal resistance around $3,057–$3,060 and rising trendline support suggest a potential breakout is brewing. The RSI is rising but not yet overbought, and gold remains well above its major moving averages. Overall, the technical setup still favors the bulls.
Forecast for Next Week:
Looking ahead, gold is at a critical juncture. If the price can break and hold above the $3,060 level, we could see an extension toward $3,080 and potentially even $3,100 or $3,150 in the coming weeks. Momentum remains with the bulls, and any fresh risk-off catalyst—such as worsening trade tensions, weak economic data, or geopolitical flare-ups—could fuel the next leg higher.
On the other hand, failure to break the highs could lead to further consolidation or a healthy pullback. Key support remains at $3,000, with stronger support around $2,965–$2,980. A dip below those levels might trigger a deeper correction, but as long as gold holds above its rising trendline and stays within the current structure, the uptrend remains intact.
Next week’s key events include potential developments around U.S. trade policy, fresh economic data (including PMIs and Non-Farm Payrolls), and any surprise Fed commentary. All of these could drive volatility.
In summary, my outlook remains bullish unless $3,000 breaks decisively. I’ll be watching for a breakout above the all-time high as confirmation of continued strength. Dips into support look like buying opportunities for now, while a clean breakout could open up fresh upside targets.
XAUUSD XAUUSD
This past week, gold showed impressive resilience, consolidating above the key $3,000 level. The market tested that psychological support early in the week, but each dip found strong buying interest. The $3,000 level held firm, and gold remained inside a tight but bullish range, roughly between $2,980 and $3,070. By the end of the week, gold was back near its all-time highs, reflecting continued safe-haven demand.
Several factors influenced price action:
Geopolitical tensions and trade concerns continued to dominate the narrative. Investors remained cautious, with attention focused on potential U.S. tariffs and their impact on inflation and global growth.
The Federal Reserve maintained its cautious stance, with some officials suggesting there's more work to do on inflation. However, the broader market still expects rate cuts later this year, which is generally supportive for gold.
The U.S. dollar saw some mid-week strength on the back of hawkish Fed commentary and tariff uncertainty, temporarily capping gold's upside. But by Friday, the dollar had softened, allowing gold to regain ground.
Economic data, particularly inflation figures, came in largely as expected, reinforcing the view that the Fed may not need to act aggressively in the short term.
From a technical perspective, gold appears to be forming an ascending triangle pattern on the daily chart. Horizontal resistance around $3,057–$3,060 and rising trendline support suggest a potential breakout is brewing. The RSI is rising but not yet overbought, and gold remains well above its major moving averages. Overall, the technical setup still favors the bulls.
Forecast for Next Week:
Looking ahead, gold is at a critical juncture. If the price can break and hold above the $3,060 level, we could see an extension toward $3,080 and potentially even $3,100 or $3,150 in the coming weeks. Momentum remains with the bulls, and any fresh risk-off catalyst—such as worsening trade tensions, weak economic data, or geopolitical flare-ups—could fuel the next leg higher.
On the other hand, failure to break the highs could lead to further consolidation or a healthy pullback. Key support remains at $3,000, with stronger support around $2,965–$2,980. A dip below those levels might trigger a deeper correction, but as long as gold holds above its rising trendline and stays within the current structure, the uptrend remains intact.
Next week’s key events include potential developments around U.S. trade policy, fresh economic data (including PMIs and Non-Farm Payrolls), and any surprise Fed commentary. All of these could drive volatility.
In summary, my outlook remains bullish unless $3,000 breaks decisively. I’ll be watching for a breakout above the all-time high as confirmation of continued strength. Dips into support look like buying opportunities for now, while a clean breakout could open up fresh upside targets.
XAUUSD XAUUSD
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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.
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.