Continuing to track gold’s movements$XAU
Since our community discussed buying the dip at 3900 on November 2, with an initial target of 4000, gold has since reached that first target. We’ve continued to track it, and the latest target is now 👀4200.
Next, I’ll share a public post on the Square to analyze my forecast for gold’s upcoming movements.
For now, I’m more inclined to view this rebound as a return to the 3950–4200 dollar trading range, rather than a sign that the broader trend has turned bullish.
Last week, gold reclaimed 3950 dollars on strong volume, with clear volume support on both the weekly and daily charts. This suggests that buyers did step in at lower levels. However, the subsequent increase in volume alongside stalled price action near 4150 dollars shows that selling pressure overhead remains significant.
The two key levels to watch next are:
4150 dollars: The first short-term resistance level. If gold continues to meet resistance here, a pullback remains possible.
4200 dollars: The upper boundary of the range and a key level for determining whether the market can truly turn stronger.
My approach remains to treat this as range-bound trading for now, while maintaining a bearish view on the broader time frame. If clear selling pressure emerges around 4150–4200 dollars, we’ll need to watch whether 3950 dollars can hold. If gold breaks decisively above 4200 dollars on strong volume, we’ll need to reassess the original bearish outlook.
Returning to the range doesn’t mean breaking out of it. The key thing to watch next is price and volume action at these important levels.
Since our community discussed buying the dip at 3900 on November 2, with an initial target of 4000, gold has since reached that first target. We’ve continued to track it, and the latest target is now 👀4200.
Next, I’ll share a public post on the Square to analyze my forecast for gold’s upcoming movements.
For now, I’m more inclined to view this rebound as a return to the 3950–4200 dollar trading range, rather than a sign that the broader trend has turned bullish.
Last week, gold reclaimed 3950 dollars on strong volume, with clear volume support on both the weekly and daily charts. This suggests that buyers did step in at lower levels. However, the subsequent increase in volume alongside stalled price action near 4150 dollars shows that selling pressure overhead remains significant.
The two key levels to watch next are:
4150 dollars: The first short-term resistance level. If gold continues to meet resistance here, a pullback remains possible.
4200 dollars: The upper boundary of the range and a key level for determining whether the market can truly turn stronger.
My approach remains to treat this as range-bound trading for now, while maintaining a bearish view on the broader time frame. If clear selling pressure emerges around 4150–4200 dollars, we’ll need to watch whether 3950 dollars can hold. If gold breaks decisively above 4200 dollars on strong volume, we’ll need to reassess the original bearish outlook.
Returning to the range doesn’t mean breaking out of it. The key thing to watch next is price and volume action at these important levels.
