Spot gold (XAU/USD) market outlook for next week.

After experiencing a deep correction, spot gold is currently at a critical window for a technical rebound. The 4950-4970 pressure zone has clearly fallen into a tug-of-war between bulls and bears.

After rebounding to the 4950-4970 pressure zone on the 1-hour chart, the pattern shows an increase in upper shadows and a shrinking body, indicative of fatigue, which is a typical signal of pressure.

Meanwhile, trading volume has significantly shrunk compared to the early stage of the rebound, and the momentum of the bulls is weakening, making the current rise more inclined towards technical correction.

On the 30-minute chart, bearish combinations such as engulfing patterns have emerged at this pressure zone, and the volume has moderately increased, confirming the selling pressure in this area.

However, the price remains above the short-term moving averages, indicating that the bullish strength has not completely collapsed, and the market is temporarily in a delicate balance.

This oscillation, which is neither up nor down, reflects a temporary equilibrium of forces between bulls and bears, and only an effective break of key price levels can break the deadlock.

The current price of 4960-4970 is the bottom of the previous downward continuation platform, which has now transformed into a solid fortress that bulls find difficult to conquer.

Given the current clear pressure and insufficient volume, it is highly likely that there will be a downward retracement, first testing the 4900-4910 support.

If this support fails, it will open up further downward space, targeting the 4840-4850 area.

Caution is needed regarding the opening gap risk brought by weekend geopolitical and macro data sudden news; if a gap up with volume breaks through, directly abandon short positions.