Lingrid | GOLD weekly OUTLOOK

As US yields fall, gold surges and turns positive for the upcoming week. On Friday, the price of gold soared to $1,867, marking its highest level in three weeks. In February, companies in the US added 311K jobs, above estimates, but there was also a rise in the unemployment rate and sluggish pay growth. US rates fell, causing XAU/USD to rise.

The strong rebound created a hammer candle and engulfing candle as well on the weekly chart, which is suggestive of a probable reversal. Although buyers are still pushing prices higher, bulls may face some significant obstacles due to both psychological and technical levels. On the daily we can see symmetrical double bottom with divergence. The price of gold may continue rising and potentially reach the $1,900 mark.


The recent decending channel has been broken out of by the 4H XAU/USD price action, which is now trading above the 1850.00 psychological threshold. Although bullish momentum is in favor with the Relative Strength Index (RSI) presently above the midpoint 50 mark price may pullback before continue rising.

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