I just reviewed what happened with gold last week, and honestly, it was quite interesting. After a correction in March, the precious metal managed four consecutive days of gains, breaking through barriers that seemed solid. It started around $4,416 and reached as high as $4,700, a nearly 7% move in five trading days shortened by Easter.

What caught my attention most is how gold recovered despite the dollar continuing to pressure. Usually, these two move in opposite directions, but this time, the logic was different. The geopolitical risks (the situation between Russia and Ukraine, tensions in the Middle East), and inflation concerns due to rising energy prices caused investors to seek safe-haven assets. The spot gold price rose 4.02% during the week, while New York futures were even more aggressive at 4.74%.

From a technical perspective, the MACD showed a clear divergence, indicating that selling pressure had exhausted. The price bounced from the lower Bollinger Band toward the median, and here’s where things get interesting. If gold manages to break above $4,800 with volume, we could be looking at a true trend reversal. Otherwise, it might fall back toward $4,550.

A curious detail: the Central Bank of Turkey sold around 118 tons of gold, but instead of scaring the market, long-term buyers took the opportunity to enter at better prices. In India, we even saw a physical demand premium for the first time in two months, suggesting genuine appetite for the metal.

For next week, the 4,780–4,800 range will be critical. If it breaks clearly, gold could continue rising. If not, we should watch whether oil retreats, as that would cool inflation expectations and the metal might test the support at $4,550 again. Anyway, sentiment seems more bullish than a week ago, but caution is needed to avoid buying at the highs.