Gold (XAUUSD) Weekly Price Analysis: Gold Continues to See Range After Dropping This Week

Gold Markets Weekly Technical Analysis

The $3200 level at this point in time looks like it is, in fact, going to remain very important for traders as the floor in the market. The week has been negative overall, but we are starting to bounce a little bit later in the week, so it’ll be interesting to see if we can show signs of resilience. I suspect that we very well could see a situation where the market spends most of its time going sideways rather than anything else, and with that, working off some of the excess froth that has certainly been in this market for several months now.

That is typical for a bullish trend to take a pause here and there. And I think that’s all we’re doing. The $3,500 level above for me is an area that you need to be paying close attention to as it is the ceiling. If we were to break above there, we could really take off to the upside. But I think we have work to do here, just building up a little bit of momentum and a little bit of perhaps confidence as well.

Confidence goes a long way here. And I think you also need to recognize that confidence may have been shattered a little bit during the last couple of weeks with the noise with the tariffs and of course, the reciprocal tariffs and everything else. So, with that being said, I think you just have a pause where people are trying to sort out where we go next. Longer term though, this is a very bullish market. I have no interest in trying to fight this trend. When we pull back, I look at it as a potential buying opportunity.

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