XAUUSD | Technical analysis for next week

✅The current gold price shows a clear bullish trend. MA5 and MA10 provide solid support for gold prices, especially around 2928 and 2915. The current key support level is in the 2915-2916 range. As gold prices continue to rise, multiple technical indicators have formed strong support. Once gold prices stabilize above 2915, the daily support level may be further raised, providing a more favorable basis for bulls to continue to hit new highs. Combined with the market's continued attention to safe-haven demand, we have reason to expect that gold prices may approach 3000 this month.

✅However, if the bears reverse and break through the 2915-2910 support area, especially if gold prices fall below 2900, this may put pressure on the bullish trend of gold. If the adjustment is too large, it will not only undermine the current upward trend, but may also cause gold prices to fall into a short-term or medium-term volatile downward trend, and even test the support range below 2900.

✅From the 4-hour chart, after gold has experienced adjustments, the Bollinger Bands have temporarily closed, and the market is in a range of fluctuations. The upper resistance area has formed strong pressure, and the room for gold prices to rise is limited. However, it should be noted that the gold price has not fallen below the middle track support of the Bollinger Bands and is still running in a strong range.

✅Trading strategy:
Combined with the current technical aspects, the short-term trading strategy recommends that it is mainly long after the decline, supplemented by rebound shorting.
Focus on the following key price levels:
🔴Upper resistance: 2950-2954 area
🟢Lower support: 2918-2916 area

✅If the gold price breaks through the resistance of 2955, it may continue to rise to 2975; if it falls below the support of 2916, it is necessary to be alert to a larger correction, which may test 2900. Overall, gold still has room to rise in the short term under the bullish trend, but it is necessary to pay close attention to the breakthrough of key technical levels.