#XAUUSD #weekly_outlook
Gold mid-term outlook (Daily chart)
Technical analysis:
The RSI, which is above 50, together with the CCI indicates possible movement upwards.
The price is close to MA (200), suggesting a possible downwards movement.
Fundamental:
Gold climbed to a four-week high as inflation concerns boosted demand for the metal as a store of value while Federal Reserve Chair Jerome Powell reassured investors on the outlook for stimulus.
The weakness of the U.S dollar, caused by the amount of stimulus entering the market, might be a good for real assets, such as precious metals and digital assets
What the possible outcomes are :
The key levels are
1,798 and
1,828.
After breaking through the level of
1,828, the next target might be at
1,857. If the price fails to hold above the
1,798 level, we may see a decline to the support level of
1,768.
A decrease in the price under this support level will lead gold to
1,739 and 1,709.
