Gold (XAUUSD) Weekly Analysis - Buy

Simple and short analysis:

Gold prices have been hovering in the $1930-$1970 per ounce range for the past month.

The overall trend this year is definitely bullish.

We see that the price dropped trough a major support area the last few days.

We can see this as a breakout and thus a sign that the price is going to continue on the bearish path.

However, I personally don't see reasons why gold prices should fall. Still risk of a major financial crisis, still banks in trouble, still war going on, all the extra printed money still in circulation.

A reason may be that FED paused with raising interest rates but this is already calculated in the price right now.

I think this 'breakout' trough support is a stop hunt to wipeout most buyers so the big banks and institutional traders can drive price up while having enough liquidity.

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