Dear friends,as predicted earlier, gold continued to decline in the past week's session and is currently trading at $1938. The weaker consumer sentiment than expected indicates lower consumer spending growth. As a result, the precious metal has experienced its worst week in 6 weeks as Powell maintains his tightening trend.
Overall, gold is expected to continue its sharp decline in the coming week, as Powell's comments continue to support the strength of the US dollar and higher bond yields, both significant obstacles for gold.
Looking at the XAU/USD chart on the 1-hour timeframe, gold is showing a slight upward trend, with a possibility of a price recovery reaching the resistance level at $1945, which was previously broken. However, sellers are expected to push gold prices down to $1915. The downward momentum will intensify further if the Federal Reserve can reduce its hawkish rhetoric.
Overall, gold is expected to continue its sharp decline in the coming week, as Powell's comments continue to support the strength of the US dollar and higher bond yields, both significant obstacles for gold.
Looking at the XAU/USD chart on the 1-hour timeframe, gold is showing a slight upward trend, with a possibility of a price recovery reaching the resistance level at $1945, which was previously broken. However, sellers are expected to push gold prices down to $1915. The downward momentum will intensify further if the Federal Reserve can reduce its hawkish rhetoric.
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