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What to watch for in gold market next week?
From a technical perspective, the daily chart remains bullish with a complete pattern, and the moving averages are neatly aligned and strong. Recently, the gold price has been leveraging the upper band of the Bollinger Bands for a strong performance, indicating a stable structure.
After breaking the all-time high, it didn't continue to hit daily limits but instead fluctuated within the 4490-4550 range. The anti-dip characteristic is still present, showing that the bulls still have confidence. After spiking to $4549 on Friday, it turned around but held firmly above the $4500 level, leaving little room for the bears.
How will the market move next week? Monday is likely to see continued sideways movement with a slight upward bias. $4550 is a key resistance level. If it can stay above this level steadily, gold prices may aim for the 4580-4600 target; but if it can't withstand the pressure, beware of technical traps like top divergence, which could trigger a pullback.