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The market next week may enter a consolidation and base-building phase, which means the mid-term uptrend has not yet completely reversed.
The core trading range for spot gold next week is expected to be $4850 to $5060.
Early next week, gold price may continue to weaken and consolidate, with a focus on testing the $5000 support level.
If this support level can hold, gold price is expected to gradually rebound and test the resistance zone of $5050 to $5100.
Conversely, if gold price breaks below $5000 during trading sessions, it may further decline to the $4850 support line.
Overall, the current short-term pullback appears to be profit-taking at highs; consolidation and technical adjustments remain the main trend, with no signs currently indicating a complete trend reversal.
In the current market environment, the key support level to watch is $5000; if gold price breaks below this level, it may further decline to the $4850 area.
In short, for short-term gold trading on Monday, the recommended strategy is to prioritize shorting on rallies while buying on pullbacks.
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