Here is the market outlook on Gold for the coming week, from 22nd to 26th of April. It is clear projection of what is mostly likely to happen on Gold next week.
ANALYSIS:
In monthly timeframe we seen in two months consecutively price has strongly gained holding gold to High levels of all the time. Currently price is struggling with the break and close above the 2400 psychological level. In general we are holding with bullish momentum in monthly timeframe.
In weekly timeframe we still hold with a three wave swing to the upside idea with the current swing up being completed therefore expect a possible correction of the swing up. There are various factors of confluence for a possible correction, these are not limited to;
* Price being rejected at a level with multiple resistance level.
* Price being rejected at a 2400 psychological level.
* Price being rejected at 1.23 Fibonacci extension level.
In daily timeframe price has maintained the expanding structure from the previous weekend analysis. Currently price is trading below the lower line of the expending structure which was a support at some points in the past. In addition to this, price is still trading below the previous week rejection candlestick making it remaining valid as a significant turning point.
In four hour timeframe price clearly indicates a sideway movement that has been maintained over the week. The current market structure translates to a possible ABC correction to the upside correcting the stronger bearish price movement happened last Friday.
PRIMARY PROJECTION:
What for sells when price break, close and retest a 2330 level.
ALTERNATIVE PROJECTION:
What for short term buy opportunities when price fail to break and get rejected at 2330 level.
ANALYSIS:
In monthly timeframe we seen in two months consecutively price has strongly gained holding gold to High levels of all the time. Currently price is struggling with the break and close above the 2400 psychological level. In general we are holding with bullish momentum in monthly timeframe.
In weekly timeframe we still hold with a three wave swing to the upside idea with the current swing up being completed therefore expect a possible correction of the swing up. There are various factors of confluence for a possible correction, these are not limited to;
* Price being rejected at a level with multiple resistance level.
* Price being rejected at a 2400 psychological level.
* Price being rejected at 1.23 Fibonacci extension level.
In daily timeframe price has maintained the expanding structure from the previous weekend analysis. Currently price is trading below the lower line of the expending structure which was a support at some points in the past. In addition to this, price is still trading below the previous week rejection candlestick making it remaining valid as a significant turning point.
In four hour timeframe price clearly indicates a sideway movement that has been maintained over the week. The current market structure translates to a possible ABC correction to the upside correcting the stronger bearish price movement happened last Friday.
PRIMARY PROJECTION:
What for sells when price break, close and retest a 2330 level.
ALTERNATIVE PROJECTION:
What for short term buy opportunities when price fail to break and get rejected at 2330 level.