Gold price expectations at the end of the week

On the economic side

Gold prices fell on Friday near the levels of 2853 dollars per ounce, and gold prices are heading for their largest weekly decline in more than 3 months since November 2024, and attention is turning today to key US inflation data for signals about the course of the Federal Reserve's monetary policy.

At the technical level

The precious metal is currently trading inside a bearish price channel on the 3-hour time frame, after breaking the levels of the main uptrend this week.

We expect gold to continue to decline towards the levels of 2810 and then 2788 dollars per ounce.

The best selling areas will be in case of retesting the broken support levels, which turned into resistance at the levels of 2880, and then the upper limit of the descending price channel near the levels of 2892 dollars per ounce.

This scenario fails if the broken uptrend levels break back up.