Lingrid | GOLD Weekly Price Forecast

XAUUSD closed with a massive bullish candle on the daily timeframe, and for the first time in history, the market closed above the 2070 key level. You can see that the market stopped right at the resistance zone at 2088. The market bounced off this level two times in a row, at the beginning of December and at the end of the same month.  On the daily timeframe, price broke the triangle formation with momentum. After an impulse move, we can expect some range market unless news comes and pushes the price higher or lower.

The negative correlation between gold and the DXY is a usual factor, but it may not be as significant this year. Both the DXY and gold can rally simultaneously, especially with the ongoing geopolitical instability. As I mentioned above, the 2070 level remains a major resistance level. Overall, these factors suggest a promising outlook for the gold market this month.

An interesting situation occurred on the monthly timeframe. February formed a huge, long-tailed bar that gives us a hint that the price may retest the all-time highs. Also, February was the first month that closed above the strong resistance that kept the price below it since 2020. On the 4H timeframe, I expect a pullback towards the support level. Possibly retest the previous highs or 38.2% Fibonacci retracemnet levels, then move upwards. 

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 fulfilled my last idea from Friday. It hit the TP. After hitting the target, the market surged, reaching the key resistance zone. I think the market may form a range zone or doji candle on the daily timeframe. Overall, I expect a choppy market because we have strong resistance above and an impulse move from the support level. However, if the market rolls back the support level or previous higher high and then rejects, then we can look for buying signals. My goal is the resistance zone around 2110.