Gold is working on its second consecutive red week which would be the first such occurrence in 2025. Interestingly, gold had only posted two red weeks in the prior 16, until the $3500 level came into play.
That high in gold syncs with a long-term spot of support in the US Dollar, and going into next week's FOMC meeting the two scenarios appear linked as a dovish Fed would likely be needed if we are to see another $3500 test, much less a break.
For now, support is at the psychological level of $3200 and for next week, that becomes lower-high resistance potential for breakdown scenarios. - js
That high in gold syncs with a long-term spot of support in the US Dollar, and going into next week's FOMC meeting the two scenarios appear linked as a dovish Fed would likely be needed if we are to see another $3500 test, much less a break.
For now, support is at the psychological level of $3200 and for next week, that becomes lower-high resistance potential for breakdown scenarios. - js
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