Here is the market outlook on Gold (XAUUSD) for next week. It is a clear projection of the possible market movement in five days of the coming week.
I monthly timeframe we see price is moving in a sort of sideway movement for around four months consecutively. But the March candle has opened with a stronger bullish momentum that may possibly take price out of the ranging levels. But based on the overall market structure and wave counts, expect to see price rejecting from the upside and create a bearish momentum.
In weekly timeframe we see price has moved beyond previous week projections. Price has broken the minor trendline expected to be touched in the previous analysis. Price is not completely up unless it moves beyond the bearish engulfing candle discussed in this video analysis.
In daily timeframe price is moving in three wave move on both direction, this creates a continuous sideway movement of price at this region. In this timeframe price is also expected to move down based on the overall market formation. Also the engulfing candlestick pattern discussed in this video analysis validate the downward move unless is broken.
In four hour timeframe price closed with a pervious stronger bullish momentum. This indicates a possible slightly continuation to the upside to around 2100 level which is a key Fibonacci level (78% retracement). But primarily, expect to see price opening with the bearish momentum straight from the opening price.
I monthly timeframe we see price is moving in a sort of sideway movement for around four months consecutively. But the March candle has opened with a stronger bullish momentum that may possibly take price out of the ranging levels. But based on the overall market structure and wave counts, expect to see price rejecting from the upside and create a bearish momentum.
In weekly timeframe we see price has moved beyond previous week projections. Price has broken the minor trendline expected to be touched in the previous analysis. Price is not completely up unless it moves beyond the bearish engulfing candle discussed in this video analysis.
In daily timeframe price is moving in three wave move on both direction, this creates a continuous sideway movement of price at this region. In this timeframe price is also expected to move down based on the overall market formation. Also the engulfing candlestick pattern discussed in this video analysis validate the downward move unless is broken.
In four hour timeframe price closed with a pervious stronger bullish momentum. This indicates a possible slightly continuation to the upside to around 2100 level which is a key Fibonacci level (78% retracement). But primarily, expect to see price opening with the bearish momentum straight from the opening price.