XAUUSD - Gold buyers no longer afraid of risksLast week was a week of losses for global indexes, especially for the U.S. There was a sharp fall due to the long-lasting trade war between the U.S. and China, which has yet to yield any results and is strained by new reciprocal tariffs. Investors increased demand for secure assets while risk appetite continues to fall. This demand has been especially beneficial for gold per ounce in the recent period. Commodities , which were stuck at $1,300-1,400 throughout the year, have recently increased their upward momentum. Major investment firms raised their price estimates up to $2,000. However, short-term resistance levels at 1534-1550 and 1575 may come to the forefront. The continuation of the trade war between the U.S. and China, downward sloping bond yield curves, and most importantly, the FED remaining on the interest rate path play an important role in the continuation of the uptrend. Support levels at 1507-1493 are critical in fallbacks. During the week, PMI figures also came from Europe, Asia and the U.S. This data, which is the leading indicator of growth, is quite weak. JP Morgan Global Composite PMI is at its lowest level in recent years. In short, recession pricing is prevalent in economies. This environment benefits gold . Confidence indexes by the U.S. and Chinese industry profitability figures may stand out in the upcoming week. In addition, developments in the Italian elections, the trade war and Brexit are important for the direction of pricing.
As long as global risks are not eliminated, an upward trend in gold per ounce can be expected.
Support - 1496
Resistance - 1555
Breakout - 1557
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