Gold: Minor Pullback Before Next Surge – Eyes on 4,000 USDHello everyone, this week gold continues to show strength after an impressive rally. Over the past weekend, the price reached a new peak but experienced a slight correction around 3,900–3,905 USD, just as the market needed to rebalance before seeking further upside momentum.
Macro factors are supporting the bullish trend: the US government shutdown has entered its third day, weakening the USD. Expectations that the Fed may soon begin a rate-cut cycle and a slight decline in 10-year yields reduce the opportunity cost of holding gold. Additionally, ETF inflows, FOMO sentiment, geopolitical risks, and European/Russian gold reserve dynamics are increasing risk premiums, creating a favourable environment for further gains.
On the H1 chart, the price remains above the Ichimoku cloud with a steady upward movement. Newly formed FVGs below indicate key support levels: 3,900–3,905 (shallow FVG), 3,885–3,892 (horizontal low cluster), and 3,865–3,875 (deeper cloud + FVG). Near-term resistance sits at 3,925–3,935, followed by 3,950–3,960; if momentum holds, the psychological 4,000 USD level is within reach. Rising trading volumes around 3.90x reflect active buying, while short-bodied retracement candles merely indicate temporary rebalancing before continuation.
What do you think? Will gold use this pullback to surge to 4,000 USD, or will the market experience a deeper swing?
