Gold to close above $2200 this week or next?

Gold to close above $2200 this week or next?

Examining the daily gold chart, it appears there's a potential bullish flagpole pattern forming, indicating a possible forthcoming breakout. If this pattern unfolds, gold prices could rise. This week, gold attempted to breach $2,200 but faced rejection, dropping to $2,080 before rebounding above $2,190.

However, market sentiment may be turning cautious ahead of significant US economic data releases in the shortened holiday week, including the GDP Growth Rate, Core PCE Price Index, and Personal Spending. Despite this caution, if the GDP Growth Rate falls from 4.9% in the previous quarter to the expected 3.2%, it could reinforce expectations of a June rate cut by the Federal Reserve, as the market anticipates. This could potentially increase demand for gold and boost its price.

If this week's data doesn't serve as a catalyst, attention may shift to next week, with JOLTS Job Openings scheduled for Tuesday and NFP on Friday (US time), potentially providing further market insights.