From the analysis of historical trends, there is a high probability that the gold price will surge at the beginning of each week, and it is expected that there is a high possibility of breaking through 3,900 points on Monday. As gold prices continue to rise, the overall market still maintains bullish expectations, but in the short term we need to be wary of the risk of wash-outs caused by sudden pullbacks.
The technical analysis shows that a significant and strong support structure has been formed in the charts of various cycles, among which the 3860 level corresponding to the 5-day moving average on the daily level has become a key support area. If the gold price can effectively hold above this level next week, the daily support level is expected to move further up, thus providing a more solid technical basis for the bulls to push prices to new highs. Combined with the safe-haven demand caused by geopolitical uncertainties and other potential risk events, it is expected that the gold price will have a strong feasibility of breaking through and stabilizing at 3,900 next week.
However, if the bearish forces take over in the short term and succeed in breaking below the 3860 to 3855 range, it may increase the risk of a price correction towards the 10-day moving average on the daily chart. However, whether this scenario holds true requires a comprehensive assessment of multiple factors, including macroeconomic data, market sentiment, and capital flows. Overall, the current overall trend of the gold market is still in an upward channel, and the medium-term upward pattern has not undergone fundamental changes.
If you agree with my views, please like and follow me! The gold strategy will be continuously updated. If you temporarily lose your trading direction or are in a loss state, you are welcome to join my tg channel, where you can find the trading signals you want.
The technical analysis shows that a significant and strong support structure has been formed in the charts of various cycles, among which the 3860 level corresponding to the 5-day moving average on the daily level has become a key support area. If the gold price can effectively hold above this level next week, the daily support level is expected to move further up, thus providing a more solid technical basis for the bulls to push prices to new highs. Combined with the safe-haven demand caused by geopolitical uncertainties and other potential risk events, it is expected that the gold price will have a strong feasibility of breaking through and stabilizing at 3,900 next week.
However, if the bearish forces take over in the short term and succeed in breaking below the 3860 to 3855 range, it may increase the risk of a price correction towards the 10-day moving average on the daily chart. However, whether this scenario holds true requires a comprehensive assessment of multiple factors, including macroeconomic data, market sentiment, and capital flows. Overall, the current overall trend of the gold market is still in an upward channel, and the medium-term upward pattern has not undergone fundamental changes.
If you agree with my views, please like and follow me! The gold strategy will be continuously updated. If you temporarily lose your trading direction or are in a loss state, you are welcome to join my tg channel, where you can find the trading signals you want.
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Do you think gold could reach $3,900 next week? Feel free to leave a comment to discuss!Trade closed: target reached
The 3900 mark arrived as expected, and the weekend forecast trend is consistent.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.