The market bounced off support and broke above 2020 levels. XAUUSD market continues to bounce from this level. I will look for a pullback to the support level and a long-tailed bar as a sign of rejection. I think the price may go up because it failed to go down after breaking the previous low. It's basically a fake break. Bears do not have enough strength to push the price lower. On weekly timeframe, the price might retest the last week's open level. My target is the resistance zone at 2045.
📊QUICK FUNDAMENTAL LOOK
Gold steadied around $2,020 an ounce on Friday but was still set to end the week lower as the dollar and Treasury yields rallied after solid US data and hawkish Federal Reserve messaging tempered expectations on interest rate cuts.
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