XAUUSD D1 IDEA
Updated
Gold hit three week high ending the week at $1680, up by 3%, after the NFP. XAUUSD has been declining for seven months in a row which is caused is by US dollar strength and a tightening Fed. It is not a sign of bull reversal but most probably the latest bounce looks like a retest of the base of it before a further fall. As long as $1617 is holding Gold may consolidate above it. On the upside, $1675 aligns as a key pivot level. The buyers confirm that level as support, Gold may advance towards $1700 figure. On the downside, the 20-day SMA forms the first support at $1650 before $1620 the major support $1600. Please support our work with a like and comment, thank you!
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