Global Gold Analysis (Daily Time Frame)
In the past week, gold experienced an upward move from the mentioned support zone. Strong buying pressure led to a break above the $2889 level, with gold reaching $2930. In the final three trading days, price action preferred to consolidate within a range.
Main Scenario (Higher Probability): It appears that gold has entered a range-bound phase, with the upper boundary at $2956 and the lower boundary at $2832. Thus, price action is expected to fluctuate within this range throughout the upcoming week. If gold breaks above the $2930 resistance, the next target will be the $2956 level.
Alternative Scenario (Lower Probability): In this scenario, gold is still expected to trade within the mentioned range. However, if gold breaks below the $2891 support, the next target will be the $2832 zone.
Gold Analysis (4-Hour Time Frame)
Main Scenario: Since over 70% of the previous downward leg has been recovered, a breakout above the upper boundary of this range is anticipated. Following a breakout above $2930, gold could extend its move towards $2956.
Alternative Scenario: If selling pressure prevents gold from moving higher and triggers a decline from current levels, a break below $2891 would target $2860 and potentially the $2833 zone afterward.
Gold Analysis (15-Minute Time Frame)
Main Scenario: Considering the previous bearish leg and the recent break below the $2012 level, the current upward move may be a pullback. A break below $2902 could push gold toward the range floor near $2891.
Alternative Scenario: If gold starts the week with bullish momentum and stabilizes above $2919, it may first test the $2930 resistance level and potentially move toward higher zones afterward.