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XAUUSD, Time frame: Daily, Tools: SMA100, Source: Trading viewGold recorded a rise of about 7% during last week’s trading, marking its best weekly performance in seven months. Prices moved back toward levels near $4,341 per ounce, representing the strongest weekly close for gold in almost two months.
The key question now is whether this positive momentum will continue or if the recent rally is merely a temporary reaction to the slowdown in the US labor market, which has reduced the likelihood of further interest rate hikes.
To answer this question, we need to closely monitor the key technical level at $4,400 and whether gold can successfully break above it. This level represents a confluence of several technical resistance factors, including:
Therefore, this is a critical level to watch. As we await further clarity on the direction of US interest rates, price reaction around this zone will be key. A successful breakout above it would signal continued bullish momentum, while failure to break through would suggest the downtrend may persist.
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