Fundamental analysis of the weekly GOLD market!

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🔥 Based on the Fibonacci indicator, we can measure gold's next target if it recovers! When that is done, the extreme price resistance zones are activated

Gold price is briefly coming up for fresh air, as the United States Dollar (USD) has entered a phase of consolidation after two straight days of downside correction from an 11-month top. The subdued tone around the US Dollar could be attributed to a slightly upbeat mood in the Asian session this Friday, despite mixed Chinese property market developments.

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🔹Useful summary of the markets

- With geopolitical tensions now spreading across the Middle East, oil prices are likely to rise to even higher levels.

- At the same time, US Strategic Petroleum Reserves (SPR) still have 17 days of supply, their lowest level in history.

- This is almost half of the historical average of approximately 33 days dating back to 1990.

- Furthermore, OPEC this week confirmed its commitment to voluntary production cuts of more than 1.5 million barrels per day.

- All this while Russia's crude oil exports are limited and the world's largest oil producers are on alert.

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🔴Breaking News 🔴

An air strike hits an ammunition depot in Gaza.

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