FX.co ★ XAU/USD, GOLD

On the daily chart of GOLD last week, we mostly saw a sideways movement with a slight upward bias. The price of gold added about $90 in the end after Friday's trading session. My priority remains with the continuation of the uptrend, as the nearest significant resistance is at the 5000 mark, and I would consider selling near the inclined resistance around 5070. I assume that from there, the price will show a good downward wave, possibly extending to the lower boundary of the descending channel indicated on the chart. Currently, this boundary is around 3800. Therefore, a scenario of a significant price collapse is not excluded.