Lingrid | GOLD Market WEEKLY Outlook. NO sign of SLOWING Down

Given the current global situation, there is a significant bullish trend in the XAUUSD market. Therefore, I believe that gold will remain a highly demanded asset. Another week closed with a powerful candle. The market has been moving up without major pullbacks for several weeks now. The next target for gold could be the round level of 2400 and then 2500. 

Friday's trading session saw an initial pullback followed by a rapid rebound. Market participants seem to be consistently injecting cash into gold, chasing price and momentum. On the daily timeframe, we have an engulfing candle obsorbing the previous day's range. In this situation I mentioned above, every pullback might be a chance to go long. On the 4H timeframe, the market tested the 2300 key level twice before breaking through it. Therefore, I think it's a pretty significant level to consider. As you can see, it perfectly lines up with the 61.8% Fibonacci golden zone. On Monday and Tuesday, the market can move sideways, or we can expect some pullbacks. 

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 perfectly fulfilled my last idea, and it went down to the entry zone, tapped us into it, then bounced off. XAUUSD broke through the range zone and made a new extension. The price broke through the resistance zone with momentum. It broke the previous daily high. I expect a pullback to the support level where impulse movement forms. The price might move straight upward or roll back to the support level, then continue moving upward. My goal is the resistance zone at 2370.

Comment:

The price perfectly fulfilled my last idea. The market literally tapped the entry zone, then bounced off it. XAUUSD is near the PDH, and a breakout of it might lead to new extensions. I think the price may go down if the retest of the PDH turns to double top. On the daily timeframe, price action formed a doji candle, which can be a pause before continuation of the curret trend. I expect a pullback and a break through the resistance on the third approach. My goal is the resistance zone at 2385.