📰 Fundamental Highlights
The U.S. and China have agreed to reduce tariffs, with the U.S. lowering extra levies on Chinese goods from 145% to 30%, and China reducing tariffs on U.S. goods from 125% to 10%. This development has positively impacted global market sentiment and decreased gold's attractiveness as a safe-haven asset.
Investors are waiting for the U.S. Consumer Price Index (CPI) report, which may influence Federal Reserve policy and thereby affect gold prices.
Analysts continue to hold a positive outlook for gold, citing significant central bank buying, investor interest, and a favorable monetary environment.
🔮 Weekly Outlook & Strategy
Bearish Scenario:
If gold falls below the $3,195 support level, it may further decline towards $3,150 or $3,115.
A sustained drop below $3,115 could indicate a continuation of the downward trend, possibly targeting values below $3,000.
Bullish Scenario:
A rebound from the $3,195 support level could lead to a retest of resistance levels at $3,258 and $3,285.
A breakout above $3,325 would confirm a continuation of the long-term bullish trend, with potential targets above $3,500.
Neutral Scenario:
Consolidation between $3,195 and $3,258 might occur as the market awaits further economic data and developments.
📌 Bias: Short-term bearish, but long-term bullish trend remains intact.
📆 Key Events to Watch
May 14: U.S. Consumer Price Index (CPI)
May 15: U.S. Producer Price Index (PPI) and Unemployment Claims
May 16: U.S. University of Michigan Consumer Sentiment Index