The international gold market demonstrated notable fluctuations over the past week, finishing higher as it moved steadily above crucial moving averagesBeginning the week at $2690.08 per ounce, gold prices initially dipped, recovering losses accrued on the preceding Thursday and Friday, hitting a weekly low of $2656.66. However, after encountering support at the 60-day moving average, prices rebounded, showing consistent strength throughout the weekBy Thursday, the market had surpassed the previous week's peak, achieving a new high of $2724.31 before facing some resistance and retracting slightlyThe week ended with a final price of $2702.13, reflecting a weekly fluctuation of $67.65 and a net gain of $12.05, or 0.45%.

Various factors influenced these dynamics, particularly the movements within the U.Sdollar index, which exhibited volatility but ultimately ended lowerThis decline in the dollar allowed gold prices to rise amidst fluctuating markets

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Furthermore, the yield on the 10-year U.STreasury note saw a significant drop, although it did not provide substantial support for gold, turning the market towards a bullish perspective.

Early in the week, the strong non-farm payrolls report solidified expectations that the Federal Reserve would adopt a cautious approach towards interest rate cuts this yearThis boosted the dollar index to a high not seen since November 2022 while simultaneously dampening the demand for gold as a safe-haven assetThe sentiment was further exacerbated by futures traders pricing in a minimal likelihood for even a single rate cut this year, which contributed to the pressure causing gold prices to drop initially.

However, the anticipated bearish sentiment began to dissipate when support buying emerged, leading to a rebound for gold pricesReports from foreign media mentioned that tariffs were being considered for gradual monthly increases of 2% to 5%, undermining the dollar's position and prompting investors to book profits

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Coupled with disappointing U.SProducer Price Index (PPI) and Consumer Price Index (CPI) data, alongside a weak retail landscape and initial job claims, trader sentiment shiftedMany officials from the Federal Reserve echoed dovish remarks that reignited expectations for potential rate cuts later in the year, leading to another surge in gold prices.

Ultimately, while there was a final profit-taking maneuver on Friday, and the strengthening dollar exerted some downward pressure, gold maintained a closing price above previous levels, buoyed by falling treasury yields.

As we turn our gaze to the upcoming Monday (January 20), initial trends signal a potential decline for international gold pricesThe evaluations from Friday’s profit-taking combined with resistance observed imply that this downward trajectory may persistThe opening strength of the dollar index is likely to impose additional pressure on gold prices.

Examining the dollar index on a daily timeframe, despite experiencing weakness throughout the previous week, it managed to maintain stability above the midline support

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A rebound is anticipated, suggesting positive prospects for the dollarWeekly chart indicators show the movement remains above the five-week moving average, indicating there are no apparent signs of a reversal, which could further restrict bullish movements in gold.

The yield on 10-year U.STreasuries fell beneath the key 5-10 day moving averages and midline support, signaling weaknessDespite signs of a floor and a slight recovery, overall trends remain favorably positioned for gold, provided it holds above the ascending low trend line.

In summary, gold's near-term outlook appears to sway towards continued upward trends, while market dynamics suggest a potential for adjustments to maintain stability.

No significant data releases are scheduled for todayShould the U.Sexpress a more hawkish stance on tariffs, the dollar may strengthen further, thereby impacting gold prices, although this impact is expected to be limited

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Despite the possibility of a gradual imposition of tariff policies by a new government, market responses are still highly attuned to Fed policy shiftsThroughout this, key support levels near the ten-day moving average will be watched closely, with potential for rebound.

From a fundamental standpoint, last week's U.Sinflation data fell short of expectations, lowering inflationary pressuresAdditionally, various Federal Reserve officials noted that broad-based improvements have been seen in inflation retreat, affirming progress toward the 2% targetWith the likelihood of two or three rate cuts this year not ruled out, coupled with disappointing retail and job data, market bets for reductions in March and June strengthened, further supporting bullish moves for gold.

Although demand for safe-haven assets has waned, the new government's policies may energize the dollar's strength, exerting pressure on gold prices

However, uncertainties surrounding these policies remain, and risks associated with fiscal policies could impair the dollar’s allureThis wouldn't eliminate gold’s inherent commodity appeal, especially in a climate of renewed interest rate cut expectationsThus, gold prices are projected to remain stable or potentially climb again throughout the remainder of the year.

From a technical perspective, on a monthly scale, while gold has experienced evident pullbacks since reaching historical highs in October last year due to upward trendline pressures, buying momentum persistsThe recent pattern of bottoming out before closing above the five-month moving average indicates that bullish sentiment remains strongJanuary has seen a renewed strength, opening the door for recovery of previous adjustmentsFuture focus will hinge on whether prices can rebound and reclaim previous retracement levels, moving past the $2750 benchmark towards expectations of $3000 or higher

Conversely, if these levels are not overturned, risks of continued correction may loom.

On a weekly scale, gold has demonstrated three consecutive weeks of strengthening, facing lateral resistance but showing increased bullish breakout potentialAs observed, prices are consistently making higher lows, maintaining operations above the midline and five to ten-week averages, signaling strength in bullish momentumProvided prices do not breach recent low support levels, there base expectations for growth continue with a view to achieving new historical highs.

On a daily basis, despite facing resistance around $2725, gold continues to trend above significant moving averages, with numerous indicators reversing to provide supportCurrent trajectories suggest persistence in the upward trend, offering prospects for overcoming immediate resistance levelsMarket operations thus should watch lower moving average support levels while maintaining bullish expectations for rebounds.