Hello everyone, let’s take a moment to reflect on the movement of 
XAUUSD this week: will it rise or fall? Here are some detailed insights and analysis from Toro regarding this metal.
When looking at the chart, it seems that the long-term upward trend of XAUUSD is showing signs of weakening, especially as it starts to decline from the peak near $3,170.
The trend appears to be shifting to a sideways movement and may continue to fall closer to the support turned resistance level at $3,055.
Furthermore, the decline was triggered by profit-taking amid the strong news from the previous week. Additional pressure was created by the strong NFP report released on Friday, adding even more downward pressure on this metal.
Based on these signs, Toro sets a target and expects that XAUUSD may drop back to the $3,000 level. The next support level lies at the one-month low of $2,971, which corresponds to Fibonacci 1. Below this level, the range of $2,867 – $2,868, corresponding to Fibonacci 1.618, will be tested.
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