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This week, gold prices witnessed a noticeable decline, falling by 3.3% to close at around $3,213 per ounce, marking the worst weekly performance in six months. This decline came as a result of reduced demand for gold as a safe haven due to easing trade tensions between the United States and China, which led to a decrease in gold's attractiveness for investors.
Technical Analysis
Support: Positioned at $3,155, which is the 50-day moving average. Breaking this level may indicate further decline towards $3,045.
Resistance: Ranges between $3,245 and $3,295. Breaking through this area may reverse the current downward trend.
Relative Strength Index (RSI): Shows negative signals, indicating the likelihood of continued selling pressure.
Outlook for Next Week
The outlook remains unclear, as the future direction depends on several factors:
U.S. Economic Data: Such as the Producer Price Index and Retail Sales, which may affect the Federal Reserve's monetary policy expectations.
Geopolitical Developments: Any escalation in tensions may restore demand for gold as a safe haven.
Federal Reserve Policy: Any signals of interest rate cuts may support gold prices.
Sources
fxstreet
roboforex
forex24