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 from 25th March to 29th March.
In monthly timeframe price has tried to strongly push to the upside near the dynamic resistance level but by the end of the week strong rejection happened. This is a clear indicator of a possible retest of the static support level.
In weekly timeframe price is still respecting a three wave swing to the upside with the current move down being a part of the second wave of the final three wave move up. Price closed a weekly candlestick with a strong rejection from the upside. This is an indicator of the beginning of downward move at this timeframe.
In weekly daily timeframe there is also a clear rejection from the upside formed on Thursday with the Friday candlestick following with continuation of the bearish momentum. This is a clear indicator f a possible price move to the downside to retest the major static support level with confluence of a dynamic support at the same place around 2085.
In four hours timeframe price has started creating a bearish trend movement in two days of this week. The beginning move of five waves seems to be complete with the fist wave being extended and third wave playing equality with the fifth wave. Therefore expect correction to the upside on opening of the market.
PRIMARY PROJECTION:
Consider short term buy opportunities with high risk when price break and retest the upper channel in H4 indicated in this video analysis. Target price movement up to the level of 2200, therefore waiting for sells at this level will be the best option.
ALTERNATIVE PROJECTION:
- Price may continue with the bearish move and break the static support around 2150. Retest once this level is broken will create a better sell opportunity for next week.
In monthly timeframe price has tried to strongly push to the upside near the dynamic resistance level but by the end of the week strong rejection happened. This is a clear indicator of a possible retest of the static support level.
In weekly timeframe price is still respecting a three wave swing to the upside with the current move down being a part of the second wave of the final three wave move up. Price closed a weekly candlestick with a strong rejection from the upside. This is an indicator of the beginning of downward move at this timeframe.
In weekly daily timeframe there is also a clear rejection from the upside formed on Thursday with the Friday candlestick following with continuation of the bearish momentum. This is a clear indicator f a possible price move to the downside to retest the major static support level with confluence of a dynamic support at the same place around 2085.
In four hours timeframe price has started creating a bearish trend movement in two days of this week. The beginning move of five waves seems to be complete with the fist wave being extended and third wave playing equality with the fifth wave. Therefore expect correction to the upside on opening of the market.
PRIMARY PROJECTION:
Consider short term buy opportunities with high risk when price break and retest the upper channel in H4 indicated in this video analysis. Target price movement up to the level of 2200, therefore waiting for sells at this level will be the best option.
ALTERNATIVE PROJECTION:
- Price may continue with the bearish move and break the static support around 2150. Retest once this level is broken will create a better sell opportunity for next week.