Here the market outlook on Gold (XAUUSD) next week (Jan 16-19). It is a clear projection of the probable direction on gold from Tuesday.
ANALYSIS: In monthly timeframe we see price opened with some stronger bearish momentum but by the end of this week specifically on Friday buyers came in pushing price to the upside. But based on the previous monthly candle we an expected sellers to take control of the market at the current market price.
In weekly timeframe price is still trading in between the support and resistance levels, also price has two converging lines that my deliver a possible break of price in any direction. But based in resent candlesticks in this timeframe we can expect to see price building a bearish momentum that will end up breaking the lower channel of the converging lines.
In daily timeframe most of the formations remains the same as in weekly timeframe except that we see a clear ABC formation to the upside. This is a clear indicator of a possible continuation of a fall in price because structurally price is not required to break above the level of wave C.
In four hour timeframe we see the major levels of support and resistance remains the same. At this timeframe we see a clear five wave move down followed by a possible ABC wave move up. Alternatively the current move to the upside can be the beginning of correction i.e. wave A.
PRIMARY PROJECTION: Expect to see price moving straight down from the current price level breaking the lower channel of the converging lines. Here we will continue to consider the bearish side if price will keep on moving beyond the resent swing low in four hour timeframe.
ALTERNATIVE PROJECTION: Expect to see price moving down in a corrective mode to the around the level of 2035, from here we expect to see building of bullish momentum that will push price to around the level of 2075.
ANALYSIS: In monthly timeframe we see price opened with some stronger bearish momentum but by the end of this week specifically on Friday buyers came in pushing price to the upside. But based on the previous monthly candle we an expected sellers to take control of the market at the current market price.
In weekly timeframe price is still trading in between the support and resistance levels, also price has two converging lines that my deliver a possible break of price in any direction. But based in resent candlesticks in this timeframe we can expect to see price building a bearish momentum that will end up breaking the lower channel of the converging lines.
In daily timeframe most of the formations remains the same as in weekly timeframe except that we see a clear ABC formation to the upside. This is a clear indicator of a possible continuation of a fall in price because structurally price is not required to break above the level of wave C.
In four hour timeframe we see the major levels of support and resistance remains the same. At this timeframe we see a clear five wave move down followed by a possible ABC wave move up. Alternatively the current move to the upside can be the beginning of correction i.e. wave A.
PRIMARY PROJECTION: Expect to see price moving straight down from the current price level breaking the lower channel of the converging lines. Here we will continue to consider the bearish side if price will keep on moving beyond the resent swing low in four hour timeframe.
ALTERNATIVE PROJECTION: Expect to see price moving down in a corrective mode to the around the level of 2035, from here we expect to see building of bullish momentum that will push price to around the level of 2075.