GOLD The scenario of creating a new peak is very closeRegarding developments and results last week: The international gold market received a lot of economic information from major economies such as the US, China, and Europe. In particular, the US releases producer price index data. (PPI) and consumer price index (CPI) April 2024. Looking at gold's volatility and fluctuation range this week, it is predicted that this precious metal will return to record highs sooner than expected.
Conclusion about gold and trend: I am optimistic about gold next week. The USD is losing a bit of value along with Treasury bond yields also falling. Additionally, technically based on tests last month and to date, there are signs of acceptance above the $2400 price point. This opens the door to a possible increase to $2,500.
Overall, gold confirmed a trend change above the $2400 level which buyers actively defended on the basis of a bullish wave materializing. It is likely that the market will try to change the trend. At this point, the realization phase will take shape. We await confirmation of a trend change for further strengthening.
After gold moved above the EMA21 level it also achieved the target increases noticed by readers in last week's weekly edition at $2,400 and $2,417.
Temporarily, gold is limited by resistance at $2,417 but bullish momentum remains strong with the RSI pointing up without reaching the overbought level.
Gold's move above $2,417 will continue to push it toward an all-time high in the $2,430 area. Meanwhile, even if gold corrects downward, as long as it remains operating within the trend price channel ©, the short-term outlook is still bullish and price activity above EMA21 gives it more grounds to rise. More prices in the near future.
In the coming week, the technical conditions of gold prices lean towards a bullish outlook and notable price levels will be listed as follows.
Support: 2,400 – 2,397USD
Resistance: 2,417 – 2,430USD
