Monday Gold Price Forecast by Huangyu Hangqing

On the hourly line, it bottoms out and rebounds, with range-bound consolidation waiting for a breakdown to occur. On Monday, the key focus is the gains and losses of the upper and lower bands.

1. From the chart, the current gold price is 4119.27. On the hourly line, price is moving within the Bollinger Bands. The price rebounds and returns above the Bollinger middle band at 4108. Resistance lies at 4125 and 4138 above. Support lies at 4090 below. The previous rally to higher levels met selling pressure and pulled back, completing a round of correction and “washing” before turning price around. In the short term, the bull/buyer strength has somewhat warmed up; the Bollinger Bands continue to narrow. Next week, there is a high likelihood of breaking into a one-directional move within the range.

2. From the news side, a series of key U.S. inflation and employment data will be released next week. The data results directly affect the strength of the U.S. dollar. When the dollar index is bullish, Huangyu will test the upper band; if the dollar index strengthens, gold prices will likely retest and move down toward the lower band support again.

Strategy:
Pull back to 4110-4090 and look for buyers to hold, targeting 4125-4140;
If price rebounds to 4125-4140 and faces pressure, look for a short/sell, targeting 4090.

Note: This is for reference only and does not constitute any investment advice. $XAUT