FX.co ★ XAU/USD, GOLD

The GOLD price over the past trading week managed to firmly test the support zone near the round level of 4000. There was a noticeable spike below this round number intraday, but on Friday buyers became active and were able to push the price up, closing the trading week at 4088. The overall downtrend is still in force, so I do not rule out repeated attacks on this support zone. A second attack risks ending with a successful breakout to the downside, which would lead to a continued decline toward the sloping support, which is currently around 3700. Buying from this trendline looks extremely attractive.