This week, we should keep an eye on the previous weekly low at 2146.155. If the XAUUSD breaks this key level, there's a high likelihood of it trending downward. However, it could also be a false breakout, although the chances are relatively lower. On the 1H timeframe, a potential fake breakout occurred at 2180, followed by a significant rejection candle. I expect the market to move sideways to form an accumulation phase above the support level, followed by a potential breakthrough. My target for this scenario is the support around 2125.000.
📊QUICK FUNDAMENTAL LOOK
Metal prices rise, with gold gaining on the weaker dollar as optimism around a potential interest rate cut increases. Gold futures are up 0.35% at $2,167.5 a troy ounce. The precious metal has gained since the Federal Reserve's meeting on Wednesday, when the U.S. central bank surprised the market by indicating it intends up to three cuts over the year.
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