Technical analysis by AndyHopkins about Symbol PAXG: Buy recommendation (14 hour ago)

Weekly Outlook for Gold Prices at $3,311: Key Drivers and Technical AnalysisCurrent gold prices are at **$3,311**, with recent market fluctuations leaving next week’s trend full of uncertainty. Let’s first review recent developments: after the release of Friday’s Nonfarm Payroll (NFP) data, gold prices plummeted to close at $3,311. The NFP data has had a significant impact on the market, as it reflects the state of the U.S. labor market, which is closely tied to the economic outlook.News-Based Influences on Gold Prices1.Trade Developments and Risk AppetitePositive signals in trade talks have raised market risk appetite, causing capital to shift from safe-haven assets like gold to riskier assets—a trend that has pressured gold prices. For example, a recent phone call between Chinese and U.S. leaders signaling a of trade tensions (easing of trade tensions) triggered a drop in gold prices.2.Federal Reserve Policy ExpectationsMarket speculation about whether the Fed will cut rates at its June 17 meeting remains a key factor. A clear signal of rate cuts could weaken the U.S. Dollar Index, providing upward momentum for dollar-denominated gold prices. Conversely, strong NFP data that cools rate-cut expectations would put short-term pressure on gold.3.Geopolitical RisksInstability in regions such as the Taiwan Strait and the Middle East cannot be ignored. A sudden escalation of tensions in these areas could rapidly ignite market risk aversion, driving investors toward gold as a safe haven and potentially triggering a 5% daily surge in prices. Close monitoring of regional developments is essential.Technical Analysis: Key Levels and Trends- 4-Hour Chart Overview:Gold prices have seen a minor pullback but remain above the 48-day bull-bear divide line. Both the MACD indicator’s double lines and momentum bars are expanding above the zero axis, indicating sustained bullish momentum.- Critical Price Levels:- Resistance:- First resistance: $3,346- Second resistance: $3,360- Support:- First support: $3,300- Second support: $3,280- Upward Scenario: A break above $3,360 could open the door to challenges at **$3,380** or higher.- Downward Scenario: A breach below $3,300 may lead to further declines toward **$3,250** in search of support.Conclusion: A Week of Range-Bound VolatilityNext week’s gold market will be influenced by a mix of Federal Reserve policy expectations, geopolitical tensions, and key economic data. A range-bound oscillation is likely, with prices trading within the $3,280–$3,360 corridor. Traders should closely track Fed communications and geopolitical updates while monitoring the identified technical levels to navigate potential breakouts or reversals.Gold analysis and strategy for next week, hope it helps youXAUUSD BUY@3300~3310SL:3290TP:3320~3330