Gold has experienced one rally after another this week:
Fundamentals of the Palestinian-Israeli conflict,
Thursday's Fed Powell speech
Rising after continued technical correction
There was no new breakthrough when it hit 2000 on Friday. Due to the fundamentals of the Palestinian-Israeli conflict, various countries continued to intervene, the U.S. economy continued to maintain a stable signal, and technically, the gold price needed to be corrected. A series of events such as this led to gold not successfully rising to 2000, otherwise, a new trend will form immediately. From my chart, I can see that gold needs to be corrected downward. Whether it continues to rise depends on whether the price of the corrected support point continues to rebound, and we find that the price range for the downside is sufficient. We need to pay attention to the updated changes in the Palestinian-Israeli conflict over the weekend. Once the risk aversion sentiment is eased, gold will continue to correct downward next week.
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