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Market Review：
Gold hit a new recent high on Friday, reaching around 3454, and the high is gradually moving upward. This week, all of our bullish predictions for gold have been fulfilled, with gold reaching our upper resistance level. The daily chart ended with consecutive positive days, and the weekly chart is also in a nearly bare middle-yin candlestick pattern, completely above the short-term moving average, forming a strong bullish formation.
Next week’s trend is even more crucial. Regarding the range, if it continues to break upward next week, the subsequent bullish momentum is self-evident, and a new all-time high is very likely to be reached. The 3480 level above will also serve as a watershed between bulls and bears in the future. If it holds above this level, it is likely to continue to attack the 3500 round number. Otherwise, it is likely to indicate that the current upward trend has come to an end.
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Market Forecast：
From a daily chart analysis, short-term support is expected around 3420. On pullbacks, continue to favor a bullish trend. If the daily chart stabilizes, maintain a buying strategy on dips and avoid counter-trend short positions.
Go long on gold when it retraces to 3420, and add to your long position when it retraces to 3410. Set a stop loss at 3380 and a target at 3480.
Please stay tuned for specific trading strategies.
