Lingrid | GOLD Weekly TECHNICAL Analysis

After a volatile week, the XAUUSD market managed to close above the crucial support level of 2300. Despite several attempts to push lower, the market remained volatile, fluctuating up and down. The job numbers fell short by approximately 60K jobs. Currently, it appears that the market is in a state of uncertainty as it tries to determine its next direction.

On the daily timeframe, the price made a fake breakout of the previous day's low, forming a fakey pattern, indicating a false breakout of the triangle formation. In my previous weekly outlook, I had anticipated a flag pattern, but the price action is currently suggesting a falling wedge formation. A breakout of this pattern could potentially lead to a bullish move. Upon zooming out, it becomes evident that the market has been in a consolidation phase for the past 2 weeks, with trading likely to continue within the range of 2280 to 2350. Overall, I anticipate a rise in price, with a retest of the range's upper border possible if the market breaks through the downward trendline.


Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

Comment:

The price perfectly fulfills my last idea. The price formed a range zone or triangle pattern, then broke through it, as I mentioned in my last post. XAUUSD also, as we can see, broke the channel, which is a bullish sign. It might cause a pullback to retest the broken support level. If the price stays above this level, there is a higher chance that we will see the market at 2350 levels. However, if the price fails to update the highs, I expect it to roll back to the consolidation zone below. My goal is the resistance zone at around 2340

Comment:

The market continues to move in the range zone. The price, after updating highs, is pulling back to support levels, which is the swap zone. The market's main support was tested and bounced off after level rejection. I think the XAUUSD might be moving upward because the market closed with a bullish candle on the dialy timeframe. I expect the price to retest the recent high. My target is resistance at 2332.000