XAUUSD - Bears fail to find acceptance, Where to Next ?

Gold has been on a rollercoaster this week with whipsaw price action sending mixed signals. A week that promised a lot did deliver on the volatility front but failed to provide any clarity on the possible direction of Gold prices moving forward. At the time of writing Gold trades at $1,954, just a smidge higher than last weeks close.

The Fed's decision on Wednesday led to significant selling pressure on the USD, causing Gold to rebound on Thursday from its 3-month low. Market participants were confused by the Fed's pause and future economic forecasts. Fed upgraded their highest interest rate outlook to 5.6% from 5.5% with Chairman Powell ruling out rate cuts until 2023, making the USD's depreciation more interesting.

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The Fed's decision on Wednesday led to significant selling pressure on the USD, causing Gold to rebound on Thursday from its 3-month low. Market participants were confused by the Fed's pause and future economic forecasts. Fed upgraded their highest interest rate outlook to 5.6% from 5.5% with Chairman Powell ruling out rate cuts until 2023, making the USD's depreciation more interesting.

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The upcoming economic calendar in the US is relatively quiet, with a focus on the housing market. The biggest event risk for developed markets next week comes from the UK, with both inflation and the Bank of England's interest rate decision likely to cause significant volatility.

We have a statement from Federal Reserve Chairman Jerome Powell, and any comments from other Fed policymakers could also impact the US dollar. Gold prices may see an increase in demand following the People's Bank of China's interest rate cut, as market participants hope for increased demand from China for commodities and raw materials.

Here are the five high ‘rated’ risk events for the week ahead on the economic calendar which could affect Gold prices and lead to a spike in volatility:

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🐾 SELL GOLD zone 1958 - 1956

⚠️ Stop Loss : 1961

💲Take Profit 1: 1950
💲Take Profit 2: 1945
💲Take Profit 3: 1940

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