#XAU/USD#
Good morning, this is the weekly gold prediction
Gold price this week has been under selling pressure when approaching the level of 1,800 USD/oz. Accordingly, after heading the threshold of USD 1,787/oz, the international gold price dropped sharply for 3 consecutive trading sessions, sometimes down to USD 1,747/oz and closed the week at USD 1,750/oz.
The reason gold price is under downward pressure in the last trading sessions of this week is because FED officials stated that FED will continue to tighten monetary policy even though US inflation has dropped continuously for a while.
Technically, after the up phase from 1618 to close to 1787, gold price showed signs of decreasing again after the price reaction around dynamic resistance with Weekly frame. can return to the area 1725-1700. If it sustains around this level and then moves up to break the 1800 round resistance, a new uptrend can be confirmed.
Expected entry:
Sell 1766, SL 1769, TP 1755, 1744, 1786
Buy 1670, SL 1665, TP 1708, 1715, 1724
Mancy Lee
