Gold/XAUUSD showdown at 5000! Next week, gold will face a decisive turning point!
Yesterday, gold continued its downward trend, maintaining a range-bound movement during the Asian and European sessions, and facing pressure to decline during the US trading period, with a low point reaching 5009. The daily line ultimately closed with a large bearish candle, and currently, the US and Iran are in full confrontation, with Iran continuing to block the Strait of Hormuz. Although the situation in the Middle East has heightened demand for safe-haven assets, the high oil prices and inflation expectations, along with the Fed's hawkish stance of possibly cutting rates ≤1 time, have further suppressed gold prices.
Although gold is currently on a downward trend, it has not broken below the 5000 level and is still operating within a range. Next week, attention should be paid to the Fed's interest rate decision and comments from old Powell. Key support at 5000 should be monitored; if it effectively breaks down, the downward trend will further open up, and a rebound could be shorted. If it holds, there is a high probability of returning to range-bound movement, and one could consider attempting to go long. The core trading focus for next Monday: closely watch the gains and losses at the 5000 level, as this position will directly determine the short-term direction of gold.
Entry opportunity: Buy near 5000, target 5050-5100