Gold has experienced a series of fluctuations and has finally seen a correction. Starting from the Asian-European session on Friday, the price hovered around the 4600 level repeatedly. After consolidating for most of the day, it dropped sharply during the US session, reaching a low of around 4536. It stabilized somewhat towards the end of the session and ultimately closed near 4594.

The logic behind the two consecutive bearish candles is quite clear. On one side, the geopolitical tensions have temporarily eased some pressure, while on the other side, the US economic data unexpectedly came in strong. The combination of these two factors directly undermines gold’s safe-haven appeal. Although the risks from Iran have not been completely eliminated and can provide some support to gold prices, the problem is—gold is already at a high level, and the supporting strength is clearly diminishing, unable to withstand the current correction pressure.

The rollercoaster on Friday was essentially a test of the bottom by the bears. Trading volume slightly contracted compared to last week, indicating that both bulls and bears are still on the sidelines. Gold is now back to a range-bound rhythm.

The key is whether there can be a breakout in a certain direction next week. The resistance above is focused on the 4615-4620 zone, which is the upper boundary of Friday’s range. Gains or losses here will directly determine short-term strength or weakness. The support below is between 4570-4560. If it holds, the range-bound pattern continues; if broken, the correction space opens up.

For silver, consider going long between 87-87.5, with a stop loss at 86, targeting the 91-92 range. For gold, a short-term long opportunity is around 4570-4575, with a stop at 4560, aiming for 4620 and 4640.