MULTIDIMENSIONALTRADER

GOLD outlook for the coming week

Long
FX:XAUUSD   Gold Spot / U.S. Dollar
We are bullish on Gold provided the price remains above 1750.00

Gold broke above 1800 last week and closed at 1808, we are expecting Gold to go higher this week however we could get a retracement early part of the week.

1785 is a possibility if we get a deep retracement, we will need to observe how the market opens.

Gold is currently at a critical point, close to a descending trend line , below 50EMA and at a resistance zone where price back in July 2020 spent 9 days moving sideways before breaking out. We could be repeating similar price action and move rangebound before we see a breakout.

This weeks range 1785-1820 until we break out.

Here is a closer look on a H4 chart.

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