Gold Weekly Summary and Market Outlook
This week, the gold market experienced a wave of ups and downs amidst a tug-of-war between bulls and bears, resembling a thrilling roller coaster ride.
At the beginning of the week, gold maintained the upward momentum from the previous week, driven by safe-haven demand and the resonance of bullish technical arrangements, leading to a steady rise. From the 4-hour chart, it can be seen that the price continued to rise supported by the middle band of the Bollinger Bands, reaching a peak of 4677.25 in the middle of the week. The upper band of the Bollinger Bands also expanded upwards, demonstrating strong bullish momentum. After reaching the peak, profit-taking sentiment in the market intensified, coupled with some bearish news, resulting in a significant weakening of bullish forces. The price began to oscillate at a high level and experienced a sharp drop at the end of this week, with a large bearish candle directly piercing through the middle band of the Bollinger Bands (currently around 4610.34), dipping to a low of 4509.31, and ultimately closing at 4595.60, recording a candlestick pattern with an upper shadow on the weekly scale.
Market Outlook
From a weekly perspective, the indicator shows a bullish crossover upwards, MACD maintains bullish momentum, and the candlestick pattern shows consecutive bullish bars, with no signs of a trend reversal. The target above is far more than just 4643. Additionally, there are potential bullish drivers in the fundamentals; once relevant news materializes, gold prices are expected to rise rapidly. On the monthly scale, there have been six consecutive months of increases. According to the rising cycle pattern of 3, 6, and 9, caution is warranted for potential adjustments next month. If the price continues to rise without a correction, it is highly probable that the market will move towards a continuous nine-month upward trend.
From a daily perspective, although the stochastic indicator is in a state of dullness, the single needle bottoming shape that rebounded from the low yesterday demonstrates strong resilience against declines, indicating that we are far from a top formation. Based on daily patterns and structural analysis, there have been no signals indicating a trend reversal.
Gold closed stable above 4590, with the bullish ascending channel remaining intact. Next week, attention should be focused on the critical support level at 4560. As long as the gold price remains above this level, there remains potential and space for a rebound towards the area above 4600. The weekly closing operation suggestion is to prioritize stability.
Operational Suggestions
Long Position: Gradually accumulate long positions near 4560-4570, targeting 4610-4620.
Short Position: Gradually accumulate short positions near 4620, targeting 4590-4580.
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This week, the gold market experienced a wave of ups and downs amidst a tug-of-war between bulls and bears, resembling a thrilling roller coaster ride.
At the beginning of the week, gold maintained the upward momentum from the previous week, driven by safe-haven demand and the resonance of bullish technical arrangements, leading to a steady rise. From the 4-hour chart, it can be seen that the price continued to rise supported by the middle band of the Bollinger Bands, reaching a peak of 4677.25 in the middle of the week. The upper band of the Bollinger Bands also expanded upwards, demonstrating strong bullish momentum. After reaching the peak, profit-taking sentiment in the market intensified, coupled with some bearish news, resulting in a significant weakening of bullish forces. The price began to oscillate at a high level and experienced a sharp drop at the end of this week, with a large bearish candle directly piercing through the middle band of the Bollinger Bands (currently around 4610.34), dipping to a low of 4509.31, and ultimately closing at 4595.60, recording a candlestick pattern with an upper shadow on the weekly scale.
Market Outlook
From a weekly perspective, the indicator shows a bullish crossover upwards, MACD maintains bullish momentum, and the candlestick pattern shows consecutive bullish bars, with no signs of a trend reversal. The target above is far more than just 4643. Additionally, there are potential bullish drivers in the fundamentals; once relevant news materializes, gold prices are expected to rise rapidly. On the monthly scale, there have been six consecutive months of increases. According to the rising cycle pattern of 3, 6, and 9, caution is warranted for potential adjustments next month. If the price continues to rise without a correction, it is highly probable that the market will move towards a continuous nine-month upward trend.
From a daily perspective, although the stochastic indicator is in a state of dullness, the single needle bottoming shape that rebounded from the low yesterday demonstrates strong resilience against declines, indicating that we are far from a top formation. Based on daily patterns and structural analysis, there have been no signals indicating a trend reversal.
Gold closed stable above 4590, with the bullish ascending channel remaining intact. Next week, attention should be focused on the critical support level at 4560. As long as the gold price remains above this level, there remains potential and space for a rebound towards the area above 4600. The weekly closing operation suggestion is to prioritize stability.
Operational Suggestions
Long Position: Gradually accumulate long positions near 4560-4570, targeting 4610-4620.
Short Position: Gradually accumulate short positions near 4620, targeting 4590-4580.
$XAU $BTC $ETH
