Weekly Analysis on Gold

 Gold

MARKET VIEW

Weekly changes: XAUUSD +1.89%

Gold prices touched the 1,813 USD level before pulling back after U.S. Federal Reserve Chair Jerome Powell said he expected inflation to ease next year and that the U.S. central bank is on the way to begin winding down its stimulus.

Meanwhile, the comments from the Fed Chairman show he expects inflation to remain high well into next year potentially.

BULLISH TRIGGERS

The high inflation remaining in the market will be an underlying supportive factor for gold in the weeks and months ahead.

BEARISH TRIGGERS

The cutting of stimulus programs by the Fed next month will be a lowering factor for gold prices.

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Technical Update of Gold

 📕 Comment on Gold on May 18, 2021:

 ‼️Ending yesterday's session, precious metal Gold had quite strong gains after a slight decline to 1844 rose to 1868, closed the day with a strong bullish candle and broke out of the resistance price zone.  strong around 1855-1860.  With this breakthrough, in my opinion, Gold has broken out of the downtrend line since August 2020 to go up and the war and conflict escalated in the Gaza Strip between the Israeli army and the Palestinian-backed forces.  In my opinion, it is likely that the upcoming trend of Gold will prioritize the uptrend.

 - With the break of the strong resistance zone around 1855-1860, it turned this price zone into a new support and changed my opinion against yesterday's trading session, today if there is a  If there is any strong decline, it is an opportunity for us to establish a long position with Gold.  The price area we can establish a buy position is around 1850-1855 with the target of 187x-188x in today's session.