XAUUSD:Will it continue to rise next week?

Gold’s market action this week has been interesting indeed. The highest point is nearly 2200, which is both admirable and worrying at the same time.

Will it continue to rise next week?

In fact, the technical aspect is not important now, because from a technical point of view, the 2030-2141-2165 points should start to fall. However, as the news continues to stimulate, the price of gold has hit new highs, so the technical market always develops with the news. After the release of non-agricultural data on Friday, gold prices first rose and then fell back to around 2165, and then started a wave of rising prices. Although we have disclosed my gold short selling ideas and completed the 2180-2165 short selling strategy. But the overall trend seems to be getting blurry, but don't worry too much, we can still find short-term trading opportunities.

Therefore, market outlook planning starts from four directions.

1. After gold prices hit a record high, sentiment has surpassed technical aspects. While the rally continues, hidden risks are also increasing. If the gold price stands above 2200, I will not consider trading to avoid being trapped.

2. Gold ushered in a small climax this week. Technically, it's already in an acceleration phase. Although the top is there, it will change hands repeatedly. At this time, the retracement support of 2165 below and the suppression of 2200 above are needed. Priority will be given to short selling below 2200 points on rallies.

3. Non-agricultural data supports gold and silver, but prices have more emotional reactions in the early stage and need to be treated objectively. The ascent angle is too steep and a rest is needed. Therefore, a period of high volatility correction is expected next week, which could be an excellent opportunity for short-term traders.

4. At this time, mentality is very important. Trends may be vague, but you need to respect the rules of technology. There is no market that keeps rising, and there is no market that keeps falling. You have to be rational. For better or worse, platforms need to change hands.

As shown in the picture, I am more inclined to a high and volatile market next week. Let’s first take a look at the range 2165-2200. what do you think?

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