Lingrid | GOLD weekly OUTLOOK

This week the price of gold reached its highest level since April near 1,955 after a relatively quiet start to the week, but it then had a significant reversal toward the end of the week and closed below the main resistance at 1,900 for the first time in three weeks. After the US data releases the gold made nosedive and next week I think the market will consolidate after reaching that area between 1900 - 1850. The next levels to watch might be 1900 and if price rolls back to it will be nice zone to take a short trade.

On the weekly timeframe PRICE action formed bearish outside bar. The price broke 2 week candle's lows that gives a bearish signal.

Let me remind you of my previous forecast from last week.

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 fulfills my last idea. The market dropped from the swing zone and price reached the TP after breaking out of the ascending channel. The market broke and fix below the main level 1900. The market is testing the support level and I think gold has enough strength to go down further down if price rejects recent resistance zone at 1885 - 1900 . My goal is the support level at 1835.