XAU/USD Weekly Forecast : First LONG, then SHORT! (READ CAPTION)
By examining the gold chart on the 4-hour timeframe, we can see that after dropping to $3270, the price faced strong buying pressure and opened today’s session with a 100-pip gap at $3298, continuing its rally up to $3370. This bullish move could potentially extend toward $3400, but keep in mind that gold is likely to retrace soon to fill this price gap — so this scenario should definitely be considered!
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By examining the gold chart on the 4-hour timeframe, we can see that after rising to $3391, the price faced selling pressure and corrected down to $3332. Based on the previous analysis, gold has delivered over 800 pips in total so far. It is currently trading around $3352, and if it manages to hold above $3333, I expect a renewed bullish move. The potential upside targets are $3367, $3380, $3391, and $3400.
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