Gold next week's outlook

In the early stage, the overall bearish trend was clear. Gold price rebounded from the low of 3943, the Bollinger Bands gradually narrowed, surged to 4217 and faced resistance, then fell back. Currently, it is oscillating in a narrow range, and the bullish momentum is continuously weakening.

This rise is only an oversold rebound repair. It has repeatedly attempted to break through the high of 4220 without success, with heavy selling pressure above. It failed to reverse the daily step-down pattern. Coupled with the pressure from interest rate hike expectations, 4220 is a strong mid-term resistance. If it cannot stabilize, it will decline again, with a long-term target of 3800.

In operation, sell on rallies when price stalls in the 4210-4220 range. Short-term targets are 4150, 4100, 4050.
$XAUT