XAUUSD: The upward momentum has not stopped

On H1, the EMA technical indicator clearly indicates an upward trend. By using Fibonacci, I anticipate that gold will soon reach the 1.618 level, which is $2053, thanks to the strong support from EMA and the previous market breakout above $2030. As long as gold maintains this level, it would not be surprising to see this scenario unfold in the short term.

All attention will be focused on the upcoming release of the latest US consumer inflation data next week.