【1/13~1/17】Market recap and next week's scenario (GOLD)

GOLD (XAUUSD)

【Daily Chart】

From late October, the big consolidation was broken to the upside, but resistance on the daily chart stopped it and it is pulling back
→ If it retraces to the consolidation neck line at most and then breaks above the zone, it would form an ultra-strong pattern. A new high could lead to a large rally
→ Since the daily resistance zone is quite solid, if it starts to fall back inside the consolidation from this point, the goal would be a decline toward the weekly support zone

It nicely formed waves 1–5, broke out of the consolidation, and reached the daily resistance zone
→ If it then continues to rise and breaks the daily zone while maintaining the uptrend, it would connect to higher-timeframe wave structure and rise significantly
→ If it falls back inside the consolidation and Dow turns, then it would become a 4-hour down-wave 1 and could drop toward the weekly support zone