Here is the market outlook on Gold (XAUUSD) for the coming week from 29th of April to the 03rd of May. It is a clear projection of what is mostly likely to happen on Gold next week.
ANALYSIS;
In monthly timeframe there is increase in rejection compared to previous week. This is a clear indicator of increase in sellers at the current price level. Two trading days are left for the monthly candlestick to close, therefore it is highly likely to close with more rejection.
In weekly timeframe price is providing more evidence for expected three wave swing idea as this weekly candlestick has clearly engulfed the previous weekly candlestick. In this way price is expected to rise slightly then continue with the bearish momentum.
In daily timeframe price has well respected the previous weekend analysis by opening with a stronger bearish candlestick on Monday. A dynamic support has turned into resistance and maintained price below it since Tuesday. This trendline provide a level for taking trading decisions next week.
In four hour timeframe price has maintained the dynamic resistance explained in daily timeframe. This trendline is supported by having a possible ABC correction move to the upside during retest. At this timeframe take consideration of static levels runing through 2330 below price and 2360 above price. Trading decisions will highly base on these two static levels.
PRIMARY PROJECTION;
Consider selling Gold when price break, close and retest a 2330 static support.
ALTERNATIVE PROJECTION;
Consider taking sells when price form sell confirmation around 2365 static resistance.
ANALYSIS;
In monthly timeframe there is increase in rejection compared to previous week. This is a clear indicator of increase in sellers at the current price level. Two trading days are left for the monthly candlestick to close, therefore it is highly likely to close with more rejection.
In weekly timeframe price is providing more evidence for expected three wave swing idea as this weekly candlestick has clearly engulfed the previous weekly candlestick. In this way price is expected to rise slightly then continue with the bearish momentum.
In daily timeframe price has well respected the previous weekend analysis by opening with a stronger bearish candlestick on Monday. A dynamic support has turned into resistance and maintained price below it since Tuesday. This trendline provide a level for taking trading decisions next week.
In four hour timeframe price has maintained the dynamic resistance explained in daily timeframe. This trendline is supported by having a possible ABC correction move to the upside during retest. At this timeframe take consideration of static levels runing through 2330 below price and 2360 above price. Trading decisions will highly base on these two static levels.
PRIMARY PROJECTION;
Consider selling Gold when price break, close and retest a 2330 static support.
ALTERNATIVE PROJECTION;
Consider taking sells when price form sell confirmation around 2365 static resistance.