Gold’s Weekly Price Action: A Battle for Control
Gold (XAU/USD) faced heavy selling pressure this week, slipping below the key $3,200 support level. However, a late-week rebound suggests buyers are still defending downside moves.
Technical Outlook: Bullish Trend Intact
Despite the pullback, gold remains in an overall uptrend. The recovery on Thursday and Friday indicates that bulls are not ready to surrender yet.
Key Levels to Watch:
✅ Upside Breakout: A decisive move above $3,200 could reignite bullish momentum, targeting $3,500 (a major resistance zone).
⚠ Downside Risk: If gold breaks below this week’s low, the next major support sits at $3,000—a psychologically significant level that could attract buyers.
Market Sentiment: Why Gold Still Holds Appeal
While recent easing in trade war tensions has reduced some safe-haven demand, uncertainty remains:
Geopolitical risks (Middle East tensions, US-China relations)
Inflation concerns and potential Fed policy shifts
Weaker USD could support gold prices
Should You Buy Gold Now?
Aggressive traders may wait for a confirmed break above $3,200 before entering.
Patient buyers could look for a dip toward $3,000 for better risk-reward opportunities.
Final Verdict: Gold’s Next Move Hinges on $3,200
Gold’s short-term direction depends on whether it can hold or reclaim $3,200. While the long-term uptrend remains intact, traders should watch for:
🔹 Break above $3,200 → Bullish continuation
🔹 Break below weekly low → Potential drop to $3,000