Lingrid | GOLD Weekly Pre-Market Analysis

We saw XAUUSD fluctuating back and forth during the week. It is slowly gravitating towards a strong support level below 2000. Overall, the market is moving sideways. It formed a small candle on the weekly timeframe. It is suggested that we have some indecision. The bulls tried to push the price higher above the 2030 level, but they failed.

On the 4H timeframe, we have a triangle pattern forming. The price is squeezed between support and resistance zones. On Friday, the market took the liquidity above the Thursday high and went down. I think the market might do that again (sell high, buy low) to go up, take the liquidity above the last day high, and go down towards the key support at 2000. Breakout of the weekly high, though, can open the road to resistance at 2050. And if it breaks through the weekly low, we have key support below.

Traders, if you like this idea or have your own opinion on this matter, write in the comments. I will be glad 👩‍💻

Comment:

The market formed a complex. It pulled back towards the resistance zone at 2030 - 2033. The market is testing the level where the impulse leg occurred. The price respected the level by rebounding. We don't have high-impact news today, so I think the price will continue moving sideways. I think the market will go down by making a fake breakout of the triangle I mentioned above. I expect the price to move down from the resistance zone by rejecting it. My goal is the support level of around 2015.100