XAUUSD WEEKLY WRAP UP

This week, Gold (XAU/USD) continued its upward trajectory, achieving a sixth consecutive weekly gain. The metal reached a new record high above $2,880, reflecting sustained bullish momentum.


Key Influencing Factors:

Federal Reserve Commentary: Remarks from Federal Reserve Chair Jerome Powell contributed to market optimism, supporting the rally in gold prices.


Technical Levels: Gold approached the significant psychological level of $3,000 per ounce, with analysts suggesting that surpassing this threshold could be a potential game-changer for the metal.


Outlook:

The market's focus is now on upcoming U.S. economic data, particularly the Consumer Price Index (CPI), which could serve as a catalyst for further price movements. A higher-than-expected CPI reading may bolster expectations of a more hawkish Federal Reserve, potentially exerting downward pressure on gold. Conversely, a softer CPI could support continued gains in gold prices.


Traders are advised to monitor these developments closely, as they will play a crucial role in shaping gold's trajectory in the near term.


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