Here is the market outlook on Gold (XAUUSD) for next week from 19th Feb to 23 Feb. It is a clear projection of what is mostly likely to happen on Gold in five days of next week.
ANALYSIS.
In monthly timeframe sellers tried to push price down on the beginning of the week but from the mid of the week buyers came in revising price to the upside. The overall picture of the monthly timeframe is a balance between sellers and buyers. Until closing of the monthly candle we will have a clear picture of the monthly candle stick formation.
In weekly timeframe as described in monthly timeframe, on opening of the weekly candle sellers pushed price down. But in general weekly candle closed with a beautiful rejection from the downside which is a clear indicator of buyers coming in the market at the price level where price reversed to the upside.
In daily timeframe price has demonstrated a clear bullish momentum on the last two days of the week. Based on the price move in the last two days of the week, expect to see more bullish candle being formed up to the upper channel indicated in the form of possible triangle.
In four hour timeframe there is a clear beginning of trend to the upside. A possible five wave move is clearly seen in this timeframe. Price was moving in a descending channel and a clear bounce on the lower channel has happened this week and price has moved again to the upper channel. Therefore expect to see price moving outside the upper channel. A break and retest will be the best indicator for taking buy opportunities.
PROJECTION.
Watch for a possible break and retest of the upper channel of the descending price structure then consider buying Gold to around the level of 2040.
ANALYSIS.
In monthly timeframe sellers tried to push price down on the beginning of the week but from the mid of the week buyers came in revising price to the upside. The overall picture of the monthly timeframe is a balance between sellers and buyers. Until closing of the monthly candle we will have a clear picture of the monthly candle stick formation.
In weekly timeframe as described in monthly timeframe, on opening of the weekly candle sellers pushed price down. But in general weekly candle closed with a beautiful rejection from the downside which is a clear indicator of buyers coming in the market at the price level where price reversed to the upside.
In daily timeframe price has demonstrated a clear bullish momentum on the last two days of the week. Based on the price move in the last two days of the week, expect to see more bullish candle being formed up to the upper channel indicated in the form of possible triangle.
In four hour timeframe there is a clear beginning of trend to the upside. A possible five wave move is clearly seen in this timeframe. Price was moving in a descending channel and a clear bounce on the lower channel has happened this week and price has moved again to the upper channel. Therefore expect to see price moving outside the upper channel. A break and retest will be the best indicator for taking buy opportunities.
PROJECTION.
Watch for a possible break and retest of the upper channel of the descending price structure then consider buying Gold to around the level of 2040.