FX.co ★ king.zelda | XAU/USD, GOLD

Analysis and forecast for the trading instrument GOLD Yesterday, on Friday, the trading instrument Gold continued its decline and even once again managed to update its low. Although this was not the global low that we set last June at 3943. So we could say that Gold still has some unfinished business to the downside, but given that yesterday the price was aggressively bought back and as a result the week closed confidently above 4000, we can assume that for now quotes will not be allowed lower. In general, I expected that the round level of 4000 could act as a fairly strong support zone, because we see that the price of the trading instrument GOLD has already bounced from this area 4–5 times, and there is a high probability that this time will not be an exception. Moreover, this is also a strong psychological level, since 3500 for a long time remained the maximum on Gold, so if we return there, in principle the entire value of the yellow metal will be lost. Whereas 4000 is quite a normal logical step, and we also see a fairly good buy signal, provided that nothing changes at the market open.