XAUUSD retraced from the high of $1967 to the low of $1953 on Friday during US trading session. Looking ahead to next week and the range between $1930 - $1970 continues to hold with a daily candle close on either side of the range likely to facilitate a push in that direction. The horizontal resistance is found at $1985 which can be reached after a firm break of $1970. First support is near $1950 followed by $1940 before last week’s low $1925. A break below would expose a further decline towards $1900. The testimony from Federal Reserve Chair Jerome Powell while any further comments from Fed policymakers could also drive volatility and affect the USD in the week ahead.
Trade closed: target reached