Lingrid | GOLD Weekly Price Forecast

The gold market appears to have experienced a period of decline, as I wrote in my last weekly market outlook, reaching the 1980 level before rebounding to the 2000 key level and closing above. This indicates that XAUUSD is trying to establish support at the 2000 level. We can see that it rejected the level and bounced off on Friday. Going forward, the market is likely to bounce from this point and return to a consolidation phase, especially if the DXY weakens. It is worth noting that gold tested the demand zone, took liquidity below 1990, then moved upward.

DXY fomed divergence at the resistance zone later fell from it. It retested the zone again, forming a long-tailed bar, which suggests that next week we might have a sideways move between 2000 and 2030. I think it will go lower toward the support level at 103.800 and may be into the range zone for the next support at 103.500.

On the weekly timeframe, the market formed a nice long-tailed bar, and the price closed almost near the previous week low. Monday usually starts with a pullback, so I expect a pullback toward the support level and then a bullish move.

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 fulfilled my last idea. As we can see, the market bounced off the support level and moved higher.   XAUUSD formed a rejection bar from support, taking liquidity around the key level at 2000. It formed a high low and a 1-2-3 move on the 1H timeframe. I think the market can pullback to the support zone between 2012 - 2013 then continue moving upward. The price may potentially form a range zone below the level where the price made the impulse leg. My goal is the previous resistance zone around 2029.

Comment:

The price rebounded from the support level at 2013, forming a rejection candle. It is ranging near the channel border that led to the breakout. I think the market may keep ranging near the channel border and then retest the key resistance zones above because the bears failed to push the price lower at the support level. It pulled back into the range, then made the impulse move upward. I expect the price to move higher. If the bulls push the price above the 2025 level, it can potentially retest the resistance at the 2035 level.  My goal is the resistance zone around at 2030

Trade closed: target reached:

The price was nicely delivered to the Take Profit level.