Is this week a chance for gold to break through 3,500?

⭐️Gold Information:

Gold prices surged for the third consecutive trading day on Friday as geopolitical tensions intensified after Israel launched a military strike on Iranian targets, including nuclear facilities and key leaders. The escalation of the situation triggered widespread risk aversion in global markets, stimulating demand for safe-haven assets. As of the time of writing, XAU/USD was trading at $3,431.

Gold surged to a five-week high of $3,446 before giving up gains as traders took profits before the weekend. Geopolitical turmoil, coupled with dovish signals released by recent US inflation data, reinforced expectations that the Federal Reserve may begin to cut interest rates later this year - despite improved consumer confidence. These factors together support the bullish momentum of gold.

⭐️Personal Comment:

Continued military tensions next week are a big driving force for gold prices to continue to break through 3,500

. 🔥 Technical aspects:
Based on the resistance and support levels of gold prices in the H4 framework, the following important key areas can be identified:

Resistance: $3488, $3502, $3562
Support: $3382, $3342