Gold Analysis Update on FOREXCOM:XAUUSD by omartali66 — TradingView

Gold’s recent sharp decline, with previous views largely based on daily closes, highlights the importance of accurately following price action and not being satisfied with momentary moves.

🔹Current Outlook:
It is expected that downward pressure will continue, with the possibility of exploring the bottom of 4,400 points. If the negative momentum continues, the decline may extend towards 4,271 points.

🔹Positive scenario (conditional):
If we visit the 4,400 area and the weekly close is above that area, we may see a first stage rebound targeting 4,900.
But a weekly close above 5,000 would strengthen a return to all-time highs and resume the uptrend.

🔹Negative scenario (long term):
If the monthly close falls below 4,271, the market may enter a deeper bearish wave, which may extend to 3,600 in the long term.

📌Conclusion:
The market is currently in a sensitive and critical phase and the upcoming trend will largely depend on the weekly and monthly closing prices at these levels.

⚠️Be careful and avoid greed and excessive risks.

Commitment to capital management is key to continuity.

May God bless you and bless you 🤍