XAUUSD: Breakout on last day of trading

Dear friends, what are your thoughts on gold after a challenging week? Let's also strategize for the upcoming week.

Looking back at the recent period, the price of gold has mainly been fluctuating around the range of $2022 to $2028, despite some news affecting gold, but not significantly.

Until last Friday afternoon, gold experienced a significant volatility, with prices dropping straight to $2016 and then rebounding strongly to reach $2041. In the context of some officials from the Federal Reserve stating that they are not in a hurry to lower interest rates due to high inflation, financial investors are expecting a rate cut by the Fed in June 2024. As a result, the US dollar weakened against many other currencies, boosting today's gold prices.

Currently, the precious metal has stabilized at around $2035, making this weakness a corrective wave after breaking through $2033. It is expected that next week, gold will continue to decline further towards the range of $2031 and $2028, as indicated by Fibonacci before the price resumes its upward trend.

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