Technical analysis
The Ichimoku indicator gives a possible bullish signal
The RSI is above line 50, indicating that an uptrend may prevail.
What the possible outcomes are
The U.S. dollar gained after reports on producer prices, jobless claims.
Gold is under pressure for its second straight weekly loss. Meanwhile, the dollar advances and concerns simmer that the Federal Reserve could soon reduce support for the U.S. economy.
In our most likely scenario, XAUUSD may attempt to break the first resistance level of 1,758.
If the pair surpasses the first resistance level, we should expect a continued surge towards the second resistance level of 1,769.
Contrarily, the pair may initially decline towards the first support level of 1,748.
If the pair falls below the first support level, we can expect a continued downtrend towards the second support level of 1,733.
Key levels
Support 1,723 1,733 1,748
Resistance 1,758 1,769
