FX.co ★ XAU/USD, GOLD

Gold Market Analysis: Analysis of gold price trends remains a hot topic of discussion. Gold's record highs are not surprising. I have repeatedly predicted a significant breakout above 5141.33 due to long-term position accumulation. However, I did not anticipate a sharp rise above $49.00 without a pullback. Of course, gold remains a safe haven, supporting the continuation of the uptrend. However, several factors remain at play, making a pullback possible. Next week's gold price action will be heavily influenced by the dollar, particularly given the Federal Reserve's upcoming policy decisions. I remain neutral and avoid buying at these levels. While I do not rule out a rally above 5190.33-5200.33, I will continue to look for sell signals and short-term opportunities. A break above the upper limit of the Ichimoku Kinko Hyo cloud on the 4-hour chart signals strong bullish potential and will likely reduce sustained selling pressure unless a significant pullback creates a new buying opportunity. Gold has broken out of a sideways trading range and has demonstrated strong upward momentum over the past two days. Monday will determine whether this uptrend will continue or a different scenario will unfold.

Technical analysis offers insights into today's outlook. Moving averages are signaling strong buying opportunities, technical indicators are favoring buying, and the overall outlook points to further upward momentum. Therefore, further gains are likely. However, a sideways move is also possible. If gold prices rise, they could reach resistance at 5190.33. Selling pressure could push prices toward support at 5168.33. While we expect an overall uptrend, a sideways move between 5185.33 and 5170.33 remains possible. A downtrend has formed from 5185.33, suggesting a possible drop to 5162.33. If prices rebound from this level, gold could resume its upward movement and aim to break above 5185.33 again.