Next week, the gold bulls’ trend will remain unchanged. After a period of range-bound consolidation and accumulation, it is expected to continue moving upward and challenge the 4800 key level.

Last week, the gold price relied on the previous double-bottom pattern, completing an effective base at the 4500 key level. The long-term bullish signals were confirmed in parallel. During the week, it successfully held the 4700 level, and the weekly chart closed with a solid bullish candle. The lows continued to rise, pullbacks were met with fund support, and the close was 4715, fully establishing the bullish structure.

The market started its rally from 4500, with a high of 4764. It accumulated a gain of nearly 270 points, and then entered high-level range consolidation and consolidation. The short-cycle bullish structure is complete. After continuous upward movement, momentum has slightly slowed. 4700 has turned into the core battleground between bulls and bears. At present, the market is mainly consolidating at high levels to wash and build up momentum. The bears do not have momentum for any significant further drop, and the bulls are waiting for the breakout opportunity.

Based on the strength-biased daily and weekly chart patterns, in the beginning of next week, the approach will focus on a primary bullish and secondary bearish setup. Support to watch is 4700; if it stabilizes, consider going long with a light position. If it breaks down, look for additional long entries in the 4660-4680 range. The initial target is 4750; after a breakout, follow the trend and look toward 4800.

Warm reminder: The above is personal analysis and does not constitute investment advice. Enter the market cautiously.
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