Next week market update

Your chart shows gold (XAU/USD) in a broad horizontal range between roughly $3,220 (support) and $3,460 (resistance), with price currently near the upper zone (~$3,398).

Here’s the breakdown:

Pattern: A sideways range with multiple swings between the two zones, marked by the zigzag black lines.

Current move: The price is at the top of the range after several oscillations, suggesting potential resistance pressure.

Projection: Your drawing shows a bearish scenario—expecting a drop from near resistance, breaking mid-range support ($3,050–$3,100).

Measured move: The highlighted blue vertical bars suggest a projected drop of around $394 (≈ 11.65%), mirroring prior range height.

Key zones:

Resistance: $3,440–$3,460 (upper purple + blue zone)

Mid-support: $3,300–$3,320

Major support: $3,050–$3,100



This looks like a range top rejection setup, anticipating a downward swing to retest range lows unless bulls break above $3,460 with strong momentum.

If you want, I can also mark exact entry, stop-loss, and target levels based on this setup.