GOLD/ Correction, then DESCENDING

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Gold prices were set for a weekly decline on Friday after the Federal Reserve’s verdict on its monetary policy-easing cycle signaled a slowdown in rate cuts, while focus shifted to the U.S. Personal Consumption Expenditure data due later in the day.

Generally, the direction is a downtrend

Uptrend Side: For a bullish trend to be established, a breakout above the 2640–2664 zone must be confirmed by a daily candle closing above this level. Additionally, to approach this zone, the resistance at 2606 needs to be breached with a 4-hour candle.

Correction: If the price breaks above 2606, it is likely to rise toward the 2640 level, where a downtrend is expected to begin.

Downtrend Side: As stated in our previous analysis, below 2606, strong bears are actively targeting the 2566 level. A break below this point would further intensify selling pressure, potentially driving the price down to 2527.

Tendency Keys: 2606

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تم فتح الصفقة

Gold prices rose further on Friday, supported by a weaker dollar and declining Treasury yields following U.S. economic data that indicated a slowdown in inflation. However, the Federal Reserve's hawkish stance on interest rates kept bullion poised for a weekly decline.