It's the weekend, so let's review this week's gold price movement—in all honesty, bulls and bears have been tugging back and forth around the 4200 mark all week, and neither side has gained much ground. In the short term, gold failed to hold above 4200, so there's a fair chance of a pullback at next week's open—a risk to keep in mind.

Looking upward, the 4200 to 4250 range is actually quite delicate. The surge and subsequent pullback in early December is still fresh in our minds, showing that there's significant selling pressure above, and a double top pattern is starting to emerge. If gold can't break through this range, it's likely to retest support around 4150-4180. That said, the monthly and weekly charts still show upward momentum, so this tug-of-war may continue for a while.

The main event next week is the Fed's interest rate decision, and Powell's press conference is a must-listen. Two things matter most: first, watch how many dissenting votes there are—already five members aren't keen on easing, and the number of dissenters will show just how divided the Fed is internally; second, pay attention to Powell's tone—does this rate cut aim to bail out the market, or does it signal the start of a new cycle? Once that's clear, we'll have a better sense of where gold is headed next.