Lingrid | GOLD Weekly MARKET Outlook

The XAUUSD market had a positive week, closing above the previous week high, but it remains in the same range it was previously in, which is the 2000–2050 levels. The price bottomed and bounced off the support, which is a positive sign but does not guarantee an easy move upward. On the daily timeframe, the market formed the two doji candles, then it broke above them. It is worth noting that gold is respecting the 2030 level, which is the middle level of the range zone. 

On the 4H timeframe, we have an expanding triangle formation. This formation indicates that the market is becoming unstable; the bulls and bears are scrambling. However, considering that we have strong support bounced and a major trend, we can expect a move upward to retest the top of the range zone. Basically, I think the market may pull back to the middle of the range, which is the 2030 level, then continue moving upward.  

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 made a pullback from the resistance zone after market open. XAUUSD potentially can make complex pullback all the way down to 2020. You can see the price reacted to the 2030 support level. If the support level hold the price I expect upward move. If not then we expect more deeper pullback toward the support zone at 2020 - 2022 then look for buying signals. I think that market might move upward to retest the Friday high or even higher. My goal is to resistance around 2044 level

Comment:

The price perfectly fulfilled my previous idea. It broke and fixed above the range zone. The market made a new extension upward, then we had a complex pullback toward the support level, as I mentioned in my last post. The market rolled back into the range zone and bounced off. The price will most probably move towards the recent high. Although upcoming news may change the direction in any other way, I expect the price to retest the resistance zone; if not, we might have a deep pullback towards the 2020 level.  My goal is the resistance at 2044.700 from the support.

Comment:

The price bounced off the level, but it could not reach the recent highs. The market is moving inside the Friday range, which means another sideways move. It made a complex two legged pullback from the resistance zone. The market is testing the previous day low. I think if the market makes a fake breakout of the level, we have a higher chance of the price moving upward toward the channel border. I expect the price to reject the support level and downward trendline. My goal is the resistance zone 2038.387

Trade closed: target reached:

Perfectly played out