International Gold Prediction This Week
Gold prices are expected to remain steady this week, hovering around the $1,900 level, according to analysts. The lack of major economic data and geopolitical events this week could lead to a period of consolidation for the precious metal.
Technical Analysis
Technically, gold is in a neutral to slightly bullish position. The recent break above the $1,900 level has created a positive momentum. However, the metal faces resistance at $1,920, which could limit further gains.
* Support: $1,880, $1,860
* Resistance: $1,920, $1,940
Fundamental Factors
* US Dollar: The US dollar is expected to remain weak, which could provide support for gold.
* Interest Rates: There are no major interest rate decisions scheduled this week, which could also support gold as a safe-haven asset.
* Inflation: Inflation fears are easing slightly, which could take some pressure off gold.
* Physical Demand: Physical demand for gold remains strong in India, China, and other emerging markets, which could provide support for prices.
Outlook
Overall, the outlook for gold is cautiously optimistic this week. The lack of major market-moving events could lead to a period of consolidation, but the technical and fundamental factors remain supportive of higher prices.
Key Levels to Watch
* Bullish: A break above $1,920 could trigger a further rally towards $1,940.
* Bearish: A break below $1,880 could indicate a reversal of the recent uptrend.
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