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XAU/USD chart on the hourly time frame

As we mentioned on Friday, continued stability above 3390 could push gold to test 3450, and the target has been achieved.

• Gold is testing the upper boundary of an ascending channel near 3446.
• The MACD indicator remains positive, but has gradually lost momentum.
• A clear horizontal support is at 3395.

Expected scenario:

• If 3446 is broken firmly, gold may target 3470-3485.
• If it fails, a correction to 3395 is considered normal and healthy before any further rise.

USTEC chart on the hourly time frame

As we expected for Friday, a break above 21600 would lead to further gains, and it has been achieved. The price is trading at 21,667 after a clear decline from the high of 22,042.

• There is a decline in positive momentum, with a negative crossover of the moving averages.
• The MACD remains in the negative zone despite an attempted rebound.

Forecast:

• As long as the price remains below 21,750, the bearish scenario remains likely: First downside zone: 21,450, then 21,300. An extension towards 21,150 is possible if selling pressure increases.
• A return above 21,750 could open the way for a correction towards 21,890, then 22,040.