Generally mixed sentiment on the financial markets during the previous week. On one side there are still worries about potential recession in the US, while on the other, news about the US debt ceiling added to market concerns. As USD shortly gained during the week, the price of Gold reverted a bit to the downside. The highest weekly level was at $2.050, still, XAUUSD is finishing the week modestly above $2.000. Short term support line at $1.970 has not been tested during the week. A further move from $2K would open a path toward the $1.970 support line. On the opposite side, the level of $2.050 might be shortly tested for one more time but without probability that it could be breached.
Important news to watch during the week ahead are for USD:
Important news to watch during the week ahead are for USD:
- Retail Sales,
- Industrial Production,
- Building Permits
- Some precaution should be taken on May 19th, as Fed Chair Powell's speech is scheduled, which could bring some increased volatility to the markets.
