GOLD → Why could the metal's price rise continue?
Updated
XAUUSD closes the trading week above the opening, which is quite a positive sign, as the market has obvious reasons for the rally, which can continue up to 2150. We are living in a time of a 30 year record number of armed conflicts with over 180 clashes. This is all affecting the market, including gold. A recent reason for gold's rally was the military operation against the Houthis in Yemen by the U.S. and the Great Britain for the freedom of the sea route. As part of the rally, the price is overcoming bearish resistance and forming further preconditions for a possible rise.
There is not much fundamentally significant news in the coming week, the world is focused on the war in the Middle East, which is still ongoing and the new armed conflict in Southwest Asia. This is pre-determining the medium-term outlook for gold. The dollar has been receiving bullish news for the last two weeks, but continues to consolidate without any bullish reaction under the resistance level of 102.6. The market is probably waiting for downside signals. Gold on the other hand breaks trend resistance, which temporarily detaches the correlation between the assets, hence the format of technical and fundamental analysis changes a bit.
The coming week may see a retest of local support before a further retest. Now all eyes are focused on the resistance of the global range 2050-2070 and it is likely that in the medium term gold may break this level and start to form a new global range.
DXY GC1! Regards R. Linda!
Note
World gold ETFs for 2023 lost $14.7 billion, which corresponds to 244.4 tons of gold. This is double the outflow of 2022 - calculated by the World Gold Council (WGC)and gold is at its highs and continues to retest resistance....
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