Gold futures have surrendered a portion of November gains after bulls retreated from a significant zone of technical resistance last week. As the strong recovery from the October low loses steam, a strong barrier of support and resistance continues to form around the key psychological level of $1,750.
With a formation of a dragonfly doji candle on the weekly chart suggestive of indecision, XAU/USD could be looking for a fresh catalyst to drive momentum next week.
As investors continue to focus on monetary policy and recession risks, next week’s economic agenda could assist in driving the safe-haven assets’ next move. Although data releases next week include US GDP, ISM and employment, Wednesday’s Core PCE (personal consumption expenditure) print could pose the biggest threat to the yellow metal.
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