Market Analysis: On November 17, gold prices surged and then retreated last week. At the beginning of the week, gold firmly held above the $4,000 mark, fueling investor expectations for another rally as it challenged the all-time high set last month, briefly touching around $4,245. However, a series of hawkish remarks from Federal Reserve officials triggered a sharp reversal in market sentiment. Spot gold plummeted nearly 2% on Friday, closing near $4,085/oz. Although the weekly gain narrowly held at 2%, the 3.5% pullback from mid-week highs cast a shadow over the precious metals sector. Amid uncertainty over Fed policy and a lack of major U.S. economic data, gold bulls were forced to pause. Despite this, the long-term bullish case for gold remains intact, though short-term adjustments are underway.

Gold Technical Analysis: Last week, gold saw an extreme one-way rally, peaking at $4,245 before Friday's steep decline shattered bullish momentum. However, the overall uptrend for the year remains intact, limiting the potential for a major downturn. Each significant drop should be viewed as a strong correction, presenting buying opportunities once the adjustment phase concludes. This week, the primary bullish trend remains unchanged, with a focus on buying on dips. Whether the market moves sideways or resumes a one-way rally will depend on the impact of this week’s nonfarm payroll data.

For the start of the week, gold is likely to consolidate at lower levels on the daily and 4-hour charts before choosing a direction. Given the consecutive bearish daily closes, an immediate strong rebound is unlikely. However, if momentum returns, gold could retest $4,250 or even $4,300 this week. The 4-hour chart shows a standard consolidation pattern, with the lower Bollinger Band holding steady and resistance near $4,250. The immediate trading range is set between $4,050 and $4,250. However, Friday’s late-session drop to $4,030 suggests a potential retest of this level early this week. Thus, the key range to watch is $4,030–$4,250. Trading strategy favors buying on pullbacks. In early trading, gold is hovering near $4,090, with minor support at $4,050. A dip to this level could present a buying opportunity, targeting $4,150 initially.

Silver Technical Analysis: Silver also experienced a surge and retreat last week, closing at 50.5 after dropping to 50 late in the session. This week’s trading strategy remains bullish, targeting 53. A breakout could push prices toward the previous double-top high of 54.5. Traders may consider buying at 50.5 for further upside potential.

Disclaimer: The content is for informational purposes only and does not constitute investment advice. Investors should conduct their own risk assessments.