Gold Price Forecast: XAU/USD gains more than 3% and approaches $2,000

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  • The gold price rose on Friday, extending its weekly gains above $100.
  • The new context of lower yields and the nervousness of banks boost the demand for gold.
  • XAU/USD points to the best week in years.

The price of gold continued to rise during the American sessions, breaking above $1,980. Late on Friday, XAU/USD settled at $1,982, the highest level since April 2022 and on track for the third-highest weekly close on record.

From the level it had a week ago, the yellow metal is up 6.3%. A sharp reversal in US Treasury yields is fueling the gold price rally. US Treasury yields are having their highest week in years. The financial turmoil weighed on monetary policy expectations and the economic outlook.

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The Federal Reserve will announce its decision next week. A rate hike of 25 basis points is expected. A few days ago, analysts were wondering 25 or 50 after the US inflation and employment data. The new scenario includes the probabilities of a pause in the next meeting. Things have changed dramatically, causing an impressive recovery in XAU/USD.

Gold seems likely to break above $2,000 next week. Even when the price moves consistently higher, it makes strong corrections. In the current context, traders should exercise caution.

technical levels


Last price today 1983.23
Today I change daily 63.72
today’s daily variation 3.32
daily opening today 1919.51
daily SMA20 1849.04
daily SMA50 1877.18
daily SMA100 1820.71
daily SMA200 1776.37
previous daily high 1933.51
previous daily low 1907.56
Previous Weekly High 1870.09
previous weekly low 1809.46
Previous Monthly High 1959.8
Previous monthly minimum 1804.76
Fibonacci daily 38.2 1923.6
Fibonacci 61.8% daily 1917.47
Daily Pivot Point S1 1906.88
Daily Pivot Point S2 1894.24
Daily Pivot Point S3 1880.93
Daily Pivot Point R1 1932.83
Daily Pivot Point R2 1946.14
Daily Pivot Point R3 1958.78
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Source: Fx Street

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