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🏆[Weekly] Gold Update: Bulls Step In At $4,000

A shift is happening! After months of steady declines, the metal has held a key psychological level. Here is the update:

🔷Technical Outlook

🟢 Daily Chart

Gold (XAU/USD) found strong support near its lower Bollinger Band at $3,942, then rebounded +1.26% to reach $4,175. It has moved back above its 20‑day moving average at $4,156 and the daily RSI rose to 37.56, moving out of oversold territory.

🟢 4‑Hour Chart

Short‑term momentum is clearly positive. Gold broke past the middle band at $4,076 and tested upper resistance near $4,215. The 4‑hour RSI is now 61.37, close to overbought — so a brief pause or pullback could happen before the next move higher.

💼 What’s Driving This Move?

The bounce came mainly from short sellers taking profits after recent economic data releases. While long‑term interest rates stay elevated under Fed Chair Kevin Warsh, a softer US dollar and stretched market positions have given gold room to recover.

🚨 Key Events Next Week (6–9 July 2026)

Expect higher volatility. The economic data releases will decide if the rally continues:

🟢 Mon 6 Jul, 22:00 SGT: US ISM Services PMI → Strong data = stronger USD, weaker gold

🟢 Wed 8 Jul, 02:00 SGT: FOMC Meeting Minutes → Most important update; hawkish tones will limit gains

🟢 Thu 9 Jul, 09:30 SGT: China CPI → Affects demand outlook as top global buyer

🔷The verdict

Support around $4,000 held firmly. The level at $4,156 is now the key line. If stay above the next target is $4,250.

Potential entries to buy maybe around $3980 ( 20 pips below support ), SL 3942, current week low.

Keep positions flexible ahead of Wednesday’s Fed minutes!

Not financial advice. Personal view. Do your own DD.😉