Lingrid | GOLD Weekly Price ACTION

The week closed with a bearish candle. Two days of falling and two days of pullback. It should be noted that gold broke through the upward channel and returned back to the channel after testing the key support zone of 2000. Price action made lower lows and lower highs by compressing the gold price in the triangle formation. On the weekly timeframe, price closed above the previous week's lows. However, the bulls failed to push it higher, which resulted in a tailed bar on the daily timeframe.

Next week the sideways movement is expected to continue, i.e. the continuation of price squeeze. I think the price is going to the demand zone 1980-1990, that retest will give a boost to the move above the resistance levels of 2080. The 4H chart shows that the price has grabbed the liquidity at the top of the range zone and went down. The price is reacting to the 2045 level with a bounce and I expect the price to touch the zone and keep falling.

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

Comment:

The gold market has reached a key support level. XAUUSD broke the previous day's low. The price broke and fixed below the range zone as well. I think the market may go up for the pullback because the price reached the level where a bearish impulse move was made. The resistance zone between 2030 and 2035 pushed the price lower, and probably it will push the price again if the market shows some weakness because it broke through the channel. My goal is to support at around 2015.200

Comment:

The price almost perfectly fulfilled my last idea. The price tapped the entry point and went down. However, it missed the TP level by 1.5 points. The market formed a double top at the resistance zone. It suggests the bulls do not have enough strength to push the price higher, and it pulled back the range zone again. XAUUSD moved sideways between the price ranges of 2035 and 2015 before. I think the market will stay in the range zone for a while. I expect the price to make a two-legged pullback towards the bottom of the range. My goal is the support at 2020.000