Gold broke through the $4,500 round number on Friday with strong momentum. This signal is quite robust. From a short-term perspective, there are sufficient reasons to remain bullish next week.
After entering next week, gold is likely to continue moving upward, with key attention on the $4,550 price level. Once this resistance is broken, the next target points to the $4,580 to $4,600 range, which would represent a brand new all-time high.
Of course, the technicals are laid out as such, but whether it can rise as expected still depends on actual market performance. There are considerable variables in the precious metals market, and silver is also worth monitoring.
Gold broke through the $4,500 round number on Friday with strong momentum. This signal is quite robust. From a short-term perspective, there are sufficient reasons to remain bullish next week.
After entering next week, gold is likely to continue moving upward, with key attention on the $4,550 price level. Once this resistance is broken, the next target points to the $4,580 to $4,600 range, which would represent a brand new all-time high.
Of course, the technicals are laid out as such, but whether it can rise as expected still depends on actual market performance. There are considerable variables in the precious metals market, and silver is also worth monitoring.