Gold has been falling continuously. Will it continue next week?Market review:
The conflict between Israel and Iran intensified, and gold surged in the early stage, and then continued to fluctuate downward. Affected by the situation in the Middle East and weak data from the United States, it fell severely in three trading days, and most of the other time periods were in the stage of repeated washing.
The first round of decline began at the high point of 3452. Affected by the situation in the Middle East, the price rose rapidly, but the rapid rise led to insufficient upward momentum, and the departure of buyers led to continuous declines in a single trading day. The second round of decline was affected by the easing of the conflict between Iran and Israel, and the US dollar, crude oil, and gold all plunged sharply; the third round of decline was Powell's wait-and-see attitude towards the interest rate cut policy, and some US data were bearish for gold, leading to a new round of decline.
Market outlook for next week:
The breaking of the key support bands of 3303 and 3295 means that the downward adjustment has not ended, but after touching the support near 3250, there was a clear bottoming out and recovery. It means that there is strong support below, and the focus of next week's opening is the emergence of price rebound. There were rebounds to varying degrees after the previous two rounds of decline, so this round of decline still needs to be paid attention to. The strategy mainly revolves around shorting on price rebound, with a focus on the upward suppression range of 3285-3310.
If the rebound is small, then at the beginning of next week, it is likely to maintain a small fluctuation in the range of 3270-3285.
