Gold prediction for the new week

Gold (XAU/USD) is marking an unimpressive start to the week trading around $1,890, after having fallen for the past four weeks in a row. With that said, Gold prices are filling the gap at their lowest levels since March while struggling to gain traction amid the market's cautious mood ahead of this week's top data/events. However, a stronger US Dollar will put downward pressure on XAU/USD even if technical analysis signals a corrective rally.

The US Dollar Index (DXY) has been rising for the past five weeks in a row and is affecting the Gold Price.

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The People's Bank of China (PBoC) cut interest rates by 10 basis points (bps) against market expectations for a 15 basis point cut on Monday. Investor sentiment could be heavily influenced by the PBOC decision and broader trends in the Chinese economy. Despite the caution of Chinese policymakers, the market anticipates more rate cuts and broader easing measures in the coming months. This situation can support Gold price which is under pressure.

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🕯 SELL GOLD | 1900 - 1897

🔴 SL: 1905

🟢 TP1: 1892
🟢 TP2: 1887

🕯 BUY GOLD | 1880 - 1883

🔴 SL: 1875

🟢 TP1: 1888
🟢 TP2: 1893