Gold
Last Thursday saw a significant turnaround. The gold price almost reached the 5,625 level, but turned down slightly before that. The sharp fall on Friday saw the highest trading volume, which clearly ended the hyperbolic rise, giving way to a correction phase. As the price fell back to almost 4,375, the increased volatility naturally pulled the price back to about halfway through the fall, roughly in the 5,000 range. However, it failed to maintain this level in yesterday's trading. In such situations, a so-called "platform" often forms, i.e., a narrower range of sideways movement, which usually carries downside risks. Therefore, it is still worth expecting another downward wave, which could reach the 4,375 level again or even go deeper. However, the pace of this is likely to be slower. Based on the current structure, it is not expected that the 5,625 peak will be reached again in the near future.
Resistance levels: 5,000; 5,312; 5,625; 5,938; 6,250.
Support levels: 4,688; 4,531; 4,375; 4,062.
