🥇 XAUUSD outlook for the next week

🥇 XAUUSD outlook for the next week Last week highlighted the importance of risk management. Gold moved quickly during the first half of the week, giving traders some relief only after the FOMC conference on Wednesday. Currently, on the daily timeframe (fig. 1), the metal is in a downtrend. The bullish correction is over, and the structure favors the bears. However, the 4H timeframe is not as bearish as we would like. Gold is attempting to move higher, almost filling the FVG zone (the upper boundary is at $4,667). 📈The preferred scenario is marked with the yellow arrow and number 1 on the second screenshot. Gold makes a fast move above the resistance level and then drops, breaking the bullish structure on the 4H timeframe. 📉The alternative scenario (red arrow, number 2) is also valid. In this case, we wait for a breakout of the $4,560 support level followed by a small correction. ✔️The nearest target is at $4,482, and the final target is at $4,351. This green area represents the 50%–70% Fibonacci retracement of the March–April uptrend. Like the outlook? Give us a ❤️and share it with your friends