XAUUSD weekly review (12.04 - 16.04)

At the end of last week, based on the analysis of the charts, we made a forecast according to which gold will rise to the upper border of the range in the 1755 area.

The forecast was based on the assumption that trading above the midpoint of the 1716 range should certainly cause the pair to rise to its upper border. As a result, the maximum of the week was 1758.48, practically reaching the level of the weekly cloud of 1760.

The weekly chart indicates that the 1760 cloud border is now a key point on the chart. Trading below this level means that the bears remain strong and may hope to break the long-term support of 1670 from the third time.

On the other hand, a hammer candle formed on the weekly chart suggests that the bulls are also gathering strength to break higher. The desperate battle in March for the 1670 level confirms these findings.

The 1670-1760 range is likely to remain in focus in the coming weeks. At the same time, the balance of risks is shifting towards growth. As long as the trade is above the midpoint of the range, the bulls should attempt to break up. In this case, the rise of gold above 1800 does not seem incredible.

If trading below 1760 and especially 1715-20 continues for a long time, this will lead to a new attack on the 1670 level with a high probability of a breakdown towards 1600 and 1500