Here is the weekend analysis on Gold (XAUUSD) for next week. It is a clear projection of what is mostly likely to happen on Gold from Monday.
ANALYSIS: In monthly timeframe we see gold is still trading within the levels of static support and resistance. The monthly candlestick has maintained the bearish momentum. Based on wave count the market move has not yet violated the expected five wave move down in formation of wave "C" of the expected "ABC" wave formation.
In weekly timeframe price is still within the major levels of static support and resistance. Price has maintained its movement below the dynamic support indicated in this analysis video. Bearish momentum has dominated the formation of the weekly candlestick.
In daily timeframe price is trading below the level of dynamic support explained in weekly timeframe. In several days of the week price has retested the indicated dynamic resistance but it has not managed to close above it. This indicates presence of sellers who wait price at this level. In addition price has been moving within a declining channel for several days touching each side of the channel and coming back inside the channel.
In four hour timeframe price respect all the key levels described in daily timeframe.
PRIMARY PROJECTION: Expect to see price opening by moving to the upside then corrects to the opening price and move back up again breaking the resent swing high in this timeframe up to around the level of 2050
ALTERNATIVE PROJECTION: Price may open with a bearish momentum that push it below the resent swing low in this timeframe around 2015. from there buyers will come in pushing price up to the level presented in the primary projection.
ANALYSIS: In monthly timeframe we see gold is still trading within the levels of static support and resistance. The monthly candlestick has maintained the bearish momentum. Based on wave count the market move has not yet violated the expected five wave move down in formation of wave "C" of the expected "ABC" wave formation.
In weekly timeframe price is still within the major levels of static support and resistance. Price has maintained its movement below the dynamic support indicated in this analysis video. Bearish momentum has dominated the formation of the weekly candlestick.
In daily timeframe price is trading below the level of dynamic support explained in weekly timeframe. In several days of the week price has retested the indicated dynamic resistance but it has not managed to close above it. This indicates presence of sellers who wait price at this level. In addition price has been moving within a declining channel for several days touching each side of the channel and coming back inside the channel.
In four hour timeframe price respect all the key levels described in daily timeframe.
PRIMARY PROJECTION: Expect to see price opening by moving to the upside then corrects to the opening price and move back up again breaking the resent swing high in this timeframe up to around the level of 2050
ALTERNATIVE PROJECTION: Price may open with a bearish momentum that push it below the resent swing low in this timeframe around 2015. from there buyers will come in pushing price up to the level presented in the primary projection.