gold temporary weakness
XAUUSD Gold falls through one support after another. found its local intraday support around 1915,
On Friday, the price broke through the ~1930 level and stayed below it for 4 hours.
I believe that further declines can be expected next week.
Sellers Next Target - 1919
if we consider a more global picture, I would consider, as one of the options, a cup and handle figure, as a trend continuation formation
With regard to fundamental analysis, I can summarize the following: Last week, gold quotes ended at a 4-week high and in the new five-day period, I expect the uptrend to continue for two reasons. First, geopolitical tensions in Eastern Europe and Asia will have a favorable impact on the value of the precious metal, which has historically been a “defensive asset”.The Russian-Ukrainian crisis is far from over, and both sides refuse to sign a peace agreement, and in Asia, Chinese politicians are unhappy with the arrival of US congressmen in Taiwan. "The United States must stop all official contact with Taiwan," the Chinese Foreign Ministry said. Beijing is sending Washington a more than obvious signal. Secondly, many of the world's largest economies last week reported a rapid rise in inflation, which is also favorable for gold, since the yellow metal has historically been used by investors as a reliable means of protecting against inflationary risks.
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