Here is the market outlook on Gold (XAUUSD) for next week. It is a clear projection of the probable direction on Gold in five days of the coming week.
ANALYSIS:
In monthly timeframe price has closed a March candlestick with a very stronger bullish momentum that indicates a possible continuation of price movement to the upside. Price has moved near to the upper channel (resistance), therefore if there will be further bullish movement before correction will be very slight movement to recover the open space to the resistance.
In weekly timeframe price has demonstrated increase in bullish momentum than previous week. Based on candlestick formation in this week and previous week, it is clear that bullish momentum is still going to hold true in the coming week.
In daily timeframe price has a bit deviated from the previous week analysis by moving up and breaking above the previous swing high. But the expected corrective move remains the same by considering a possible expanding flat correction at this region. Therefore, this week movement to the upside is expected to be wave "B" of the expanding flat. Expect to see price moving down in five wave move next week. In addition to that, there is a clear divergence between RSI and price chart in this timeframe, this also indicates a possible retracement.
In four hour timeframe there is a clear divergence in price chart and RSI as it is seen in daily timeframe. There is a clear ABC move to the upside this week.
PRIMARY PROJECTION:
Consider sells when price moves bellow 2200 and form sell confirmations.
ALTERNATIVE PROJECTION:
Consider buying Gold when price remain above 2200 and form buy confirmations.
ANALYSIS:
In monthly timeframe price has closed a March candlestick with a very stronger bullish momentum that indicates a possible continuation of price movement to the upside. Price has moved near to the upper channel (resistance), therefore if there will be further bullish movement before correction will be very slight movement to recover the open space to the resistance.
In weekly timeframe price has demonstrated increase in bullish momentum than previous week. Based on candlestick formation in this week and previous week, it is clear that bullish momentum is still going to hold true in the coming week.
In daily timeframe price has a bit deviated from the previous week analysis by moving up and breaking above the previous swing high. But the expected corrective move remains the same by considering a possible expanding flat correction at this region. Therefore, this week movement to the upside is expected to be wave "B" of the expanding flat. Expect to see price moving down in five wave move next week. In addition to that, there is a clear divergence between RSI and price chart in this timeframe, this also indicates a possible retracement.
In four hour timeframe there is a clear divergence in price chart and RSI as it is seen in daily timeframe. There is a clear ABC move to the upside this week.
PRIMARY PROJECTION:
Consider sells when price moves bellow 2200 and form sell confirmations.
ALTERNATIVE PROJECTION:
Consider buying Gold when price remain above 2200 and form buy confirmations.