Gold to Fall Ahead of Retail Sales

Happy Monday, fellow traders! We are pleased to be back and share everything you need about the upcoming week!

(All times are GMT+3. Check your time zone here: https://www.timeanddate.com/time/map/)

Monday:

15:30, US Empire State Manufacturing Index

Tuesday:

09:00, UK Claimant Count Change
15:30, Canada CPI (four releases)
15:30, US Retails Sales

Wednesday:

04:30, Australia Wage Price Index q/q
12:50, BOE Gov Bailey Speaks

Thursday:

04:30, Australia Employment Change and Unemployment Rate
15:30, US Unemployment Claims
18:00, BOC Gov Macklem Speaks

Friday:

18:00, Fed Chair Powell Speaks

News to keep you informed

Elections in Turkey continue. The presidential race between Tayyip Erdoğan and main rival Kemal Kılıçdaroğlu appears likely to result in a second round in two weeks because both candidates failed to overcome a 50% threshold.
Elon Musk steps down as a Twitter CEO. Linda Yaccarino, former NBCUniversal ad chief, will become the new CEO. Musk will focus primarily on business operations and product design.
Analysts expect the ECB to hold the current rate until 2024.
The Gas price in the EU reached a multiple-year low of $358.
Jim Cramer warned people to avoid the Virgin Galaxy stock (SPCE). It’s not rare to see stocks acting against his predictions. The current price is $4 per share.
PEPE, the most famous meme coin out there, lost 76% from the ATH and then rose by 92%.

When will Gold fall?

Our outlook of the last week remains in power. The shiny metal will continue collecting liquidity until it has enough money to make another leap.

As XAUUSD is in the uptrend, we recommend focusing on long trades. We expect the metal to make a touch or a fake breakout of the blue trendline. Then, a sudden reversal may occur. This movement will be a perfect spot for a Buy trade.

If a daily candle closes below the trendline, the metal may fall to $1965, another fantastic spot for a Buy trade.

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