Gold 🥇 has just finished the week with the highest weekly closing price ever, which is a very positive sign.
There is still an important resistance level above the price near $5,091.
However, the price is moving inside a rising wedge pattern with a flat top, and this type of pattern is usually seen as bullish in technical analysis.
Now the price is getting close to a key decision point, where the rising trend line below and the resistance level above meet.
At this moment, the market will likely choose its next direction.
If gold fails to break above resistance, the price will probably move sideways and consolidate below the trend line for some time.
This would be a normal pause before the next bigger move.
But if gold successfully breaks above resistance, the next possible price targets could be around $5,977 to $6,184.
At the same time, there is also a hidden bullish divergence on the 4-hour chart, which is another signal that strength may be building for new all-time highs in the future.
Because of all these signals, next week could give very important clues about where gold is heading next.
For now, everything remains in position — and the outlook still looks strong. 🫡
