Gold Bullish Outlook | Dollar Weakness & Geopolitical Risks!
Hey Traders,
In the coming week, we are closely monitoring XAUUSD (Gold) for a potential buying opportunity around the 4,280 zone. Gold remains in a strong bullish trend and is currently undergoing a healthy corrective pullback, approaching a key trendline confluence and 4,280 support & resistance zone, which could act as a high-probability demand area.
From a macro perspective, the recent weakness in the US Dollar continues to support upside momentum in Gold. Additionally, last nights escalation of US tensions with Venezuela has increased geopolitical uncertainty, further boosting safe-haven demand for Gold, which strengthens the bullish bias.
As always, wait for confirmation and manage risk accordingly.
Trade safe,
Joe.