Gold price target for Monday: $5146-5200

The gold market saw a strong “V”-shaped reversal this week, closing flat at $5,103 per ounce on Friday.

This level is crucial as it represents a correction from the previous correction and a shift in market sentiment.

The market is likely to continue its strong upward trend on Monday.

As shown in the chart: Technical analysis: A breakthrough is imminent, but it is recommended to pay careful attention to the key resistance level of $5,146.

Technical charts suggest buyers are in control.

Support has risen to the $5020-5050 area, providing strong support to the price action.

Battle at key price levels: The most prominent challenge facing gold currently is the strong resistance level near $5,146.

This level represents key resistance at the 0.618 Fibonacci retracement level, which is also the previous high of the oscillator’s range.

Gold price action on Monday will mainly revolve around this price level.

A strong break above $5,146 would mark the end of the volatile phase and open new upside with targets at $5,200-5,300.

If resistance is encountered near $5,146, gold prices may face renewed downward pressure and extend recent broad swings. Initial support is located in the $5072-5097 range.

Hourly Chart Signals: The hourly chart shows tremendous market strength with few noticeable pullbacks during the rise from $5,000 to $5,100. This suggests that even if there is a pullback on Monday, the losses may be limited. $5,097 represents the first support level of the day, while $5,072 is an ideal area to buy low.

For activist investors: It is recommended to open a small buy when there are signs of stability in the $5097-5100 range, with an initial target of $5146. Hold the position after breaking out of the range.

For conservative investors: Wait for the price to move back to the strong support area between $5,072 and $5,050, then look for buying opportunities with a target above $5,146.

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