Here is the market outlook on Gold (XAUUSD) for next week. It is a clear projection of what is mostly likely to happen on gold in five days of the coming week.
In monthly timeframe price has managed to strongly break above the resistance where price was rejected several times in the past. Mostly expect to see price retesting the broken level either this month or in the next month.
In weekly timeframe price has moved above the bearish engulfing candle where it was not expected to move above for bearish projection to be valid. Therefore, from now any movement to the downside will be correction. In a bigger picture, price is moving in three waves move to the upside. Hence, the current price move to the upside will be the first leg of the expected three wave move up.
In daily timeframe price is strongly trending to the upside. This move is expected to be followed by a correction to around the the Fibonacci level of 50%-78%. This correction will take place during the retest of the broken level explained in monthly timeframe.
In four hour timeframe price is in the final upward movements of the first leg of the expected three wave move to the upside. Watch for a possible break of the lower channel in this timeframe. Sell positions will be taken after a break of the lower channel with a very short targets because higher timeframes are still stronger bullish.
In monthly timeframe price has managed to strongly break above the resistance where price was rejected several times in the past. Mostly expect to see price retesting the broken level either this month or in the next month.
In weekly timeframe price has moved above the bearish engulfing candle where it was not expected to move above for bearish projection to be valid. Therefore, from now any movement to the downside will be correction. In a bigger picture, price is moving in three waves move to the upside. Hence, the current price move to the upside will be the first leg of the expected three wave move up.
In daily timeframe price is strongly trending to the upside. This move is expected to be followed by a correction to around the the Fibonacci level of 50%-78%. This correction will take place during the retest of the broken level explained in monthly timeframe.
In four hour timeframe price is in the final upward movements of the first leg of the expected three wave move to the upside. Watch for a possible break of the lower channel in this timeframe. Sell positions will be taken after a break of the lower channel with a very short targets because higher timeframes are still stronger bullish.