Last week, although the 
XAUUSD had a sharp decrease in the last 2 sessions of the week, overall, the gold price this week continued to increase for the 3rd consecutive week. After opening at 2,985 USD/oz, the gold price increased to 3,057 USD/oz, but then dropped sharply to 2,999 USD/oz in the last session of the week, then recovered and closed the week at 3,023 USD/oz.
The reason why the gold price decreased sharply in the last session of last week was because the USD increased again after the FED meeting, when some US economic indicators, such as initial unemployment benefits, production index... were all at a positive level, showing that the US economy has not shown any signs of recession. In addition, some FED officials said that the FED is not in a hurry to continue cutting interest rates, although the FED's dot chart previously showed that the FED will still aim to cut interest rates twice this year.
This week, the US will release a number of important indicators, such as PMI, consumer confidence, revised Q4/2024 GDP, and personal consumption expenditures (PCE). Of these, PCE will receive special attention from the market, because this index is the inflation measure that the FED is most interested in. If PCE increases sharply, the FED will continue to cut interest rates. On the contrary, the FED will continue to keep interest rates unchanged in the upcoming meetings.
🕹SOME DATA THAT MAY AFFECT GOLD PRICES NEXT WEEK:
Several key economic data releases this week, including the S&P Global Manufacturing and Services PMIs on Monday and the U.S. Consumer Confidence Index on Tuesday, will give the market a clearer picture of where the U.S. economy is headed.
However, the most important data for investors will be the Federal Reserve's preferred inflation gauge, the core personal consumption expenditures (PCE) index, due Friday morning.
Other notable data releases include new home sales on Tuesday, durable goods orders on Wednesday, and pending home sales, weekly unemployment figures, and U.S. fourth-quarter GDP on Thursday.
📌Technically, the key support level for gold this week is around $2,954/oz, while the resistance level is at $3,057/oz. If gold continues to break above $3,057/oz next week, it could open the door for a further rally towards the $3,100/oz resistance zone. On the contrary, gold could face profit-taking pressure, causing the price to fall to around $2,950/oz.
Notable technical levels are listed below.
Support: 3,021 – 3,000USD
Resistance: 3,051 – 3,057 – 3,065USD
SELL XAUUSD PRICE 3101 - 3099⚡️
↠↠ Stoploss 3105
BUY XAUUSD PRICE 2949 - 2951⚡️
↠↠ Stoploss 2945
XAUUSD had a sharp decrease in the last 2 sessions of the week, overall, the gold price this week continued to increase for the 3rd consecutive week. After opening at 2,985 USD/oz, the gold price increased to 3,057 USD/oz, but then dropped sharply to 2,999 USD/oz in the last session of the week, then recovered and closed the week at 3,023 USD/oz. The reason why the gold price decreased sharply in the last session of last week was because the USD increased again after the FED meeting, when some US economic indicators, such as initial unemployment benefits, production index... were all at a positive level, showing that the US economy has not shown any signs of recession. In addition, some FED officials said that the FED is not in a hurry to continue cutting interest rates, although the FED's dot chart previously showed that the FED will still aim to cut interest rates twice this year.
This week, the US will release a number of important indicators, such as PMI, consumer confidence, revised Q4/2024 GDP, and personal consumption expenditures (PCE). Of these, PCE will receive special attention from the market, because this index is the inflation measure that the FED is most interested in. If PCE increases sharply, the FED will continue to cut interest rates. On the contrary, the FED will continue to keep interest rates unchanged in the upcoming meetings.
🕹SOME DATA THAT MAY AFFECT GOLD PRICES NEXT WEEK:
Several key economic data releases this week, including the S&P Global Manufacturing and Services PMIs on Monday and the U.S. Consumer Confidence Index on Tuesday, will give the market a clearer picture of where the U.S. economy is headed.
However, the most important data for investors will be the Federal Reserve's preferred inflation gauge, the core personal consumption expenditures (PCE) index, due Friday morning.
Other notable data releases include new home sales on Tuesday, durable goods orders on Wednesday, and pending home sales, weekly unemployment figures, and U.S. fourth-quarter GDP on Thursday.
📌Technically, the key support level for gold this week is around $2,954/oz, while the resistance level is at $3,057/oz. If gold continues to break above $3,057/oz next week, it could open the door for a further rally towards the $3,100/oz resistance zone. On the contrary, gold could face profit-taking pressure, causing the price to fall to around $2,950/oz.
Notable technical levels are listed below.
Support: 3,021 – 3,000USD
Resistance: 3,051 – 3,057 – 3,065USD
SELL XAUUSD PRICE 3101 - 3099⚡️
↠↠ Stoploss 3105
BUY XAUUSD PRICE 2949 - 2951⚡️
↠↠ Stoploss 2945
Note
⚫Gold prices stabilized around $3,022 an ounce after falling slightly two days earlier, reflecting strong safe-haven demand due to economic and geopolitical uncertainty.Note
⚫Trump and Musk questioned the gold reserves at Fort Knox, raising concerns similar to the conspiracy theories of the 1970s, when the US left the gold standard.Note
Note
▫️Gold SPOT lost $3,020 an ounce, down 0.01% on the day.
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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.
🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
Related publications
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.