Lingrid | GOLD Market Weekly ANALYSIS

Last week's pullback from the 2185 resistance zone resulted in sideways movement instead of a clear pullback. The market remains within the range established on Tuesday. If XAUUSD falls lower, a complex pullback could form. On a daily timeframe, this may resemble a fakey bar setup that involves a level rejection and support level bouncing.

I expect the market to move lower, form a false breakout of the previous week's low and make new highs. The best scenario would be a price rejection the support level and the 50% correction level of the previous week's candle forming a long tailed bar then continuation of the current trend. This week is pretty news packed, so we should exercise caution. We just have to wait and see how things play out.

Traders, if you like this idea or have your own opinion on this matter, write in the comments. I will be glad 👩‍💻

Comment:

The market is pulling back to support after breaking the level at 2150, which is previous week's low. XAUUSD broke and fixed below level, forming a compelx pullback. The price is approaching a buy zone where we can look for buy confirmations. The important thing is how the market approaches the support level. Basically, I expect a pullback to support the level and then a bullish move toward the resistance zone if we get a signal in the form of a rejection candle. My goal is the resistance zone around 2180.

Comment:

The market rejected the resistance zone, then made a bearish move, pulling back to support. I think the market might keep going downward toward the support level. It is forming another complex pullback. However, on the daily timeframe, it created a long-tailed bar, which is a sign of support rejection. I expect a deeper pullback, and today's upcoming CAD news may push the market lower. Obviously, the main trend is bullish; therefore, the market can tap the support level, then retest the local lower highs. My goal is the resistance at 2167.600

Comment:

The gold market continues to move sideways. XAUUSD  formed a range zone. The price is basically squeezed. I think the market may stay in the range zone before major news comes out. On the daily timeframe, price action formed a double-long tailed bar, rejecting the support level. Overall, I expect a choppy market because of the upcoming news. Alternativly, the market may fall below the relatively equal lows and then move upwards. My goal is the previous resistance zone around 2163.570

Trade closed: target reached:

The market literally surged and hit both take-profit levels: 2163.570 and 2180.