Technical Outlook
• Support Levels: $3,295, $3,260, $3,208
• Resistance Levels: $3,370, $3,400, $3,500
• Indicators:
• RSI: Near overbought, hinting at consolidation
• MACD: Positive, supports bullish trend
• Moving Averages: Above 20, 50, and 100-day SMAs, showing upward momentum
Gold is consolidating below $3,350. A daily close above $3,370–$3,375 may signal a continued uptrend toward record highs.
Fundamental Developments
• US Fiscal Concerns: The House passed a tax bill adding $3.8 trillion to debt, weakening the dollar and supporting gold.
• Geopolitical Tensions: Conflicts like the Russia-Ukraine war and US-Iran tensions increase gold demand.
• Central Bank Activity: Ongoing purchases bolster the bullish outlook for gold.
Weekly Outlook & Strategy
• Bullish Scenario: Sustaining above $3,370 could target $3,400 and $3,500.
• Bearish Scenario: Dropping below $3,295 could lead to $3,260 or $3,208.
• Neutral Scenario: Consolidation between $3,295 and $3,370 before the next move.
Key Events This Week
• 28 May (Wednesday): US Durable Goods Orders, Consumer Confidence Index
• 29 May (Thursday): US Initial Jobless Claims, GDP Second Estimate
• 30 May (Friday): US Core PCE Price Index