Lingrid | GOLD Market Weekly Technical Analysis

The market made over 10% in the last 3 weeks or so. Everybody expects that XAUUSD will continue moving higher. It is possible that the price may retest the 2250 level. However, the current situation tells us the gold might pull back. On the daily timeframe, the market reached the massive channel border and made a fake breakout of it. Price action made almost identical moves that we saw in November. Which is a 10–11% rally, then a pullback. 

DXY tanked, and it's testing the support level. Previously, it bounced off the level, which will impact gold. This large candlestick weekly timeframe indicates the potential for an even further upward move in the near future. It seems the market is poised to continue its upward trajectory based on the strength of these recent moves. However, at this stage, I expect a pullback or, alternatively, a ranging market between 2100 and 2200. The gold market likes to bounce off the round numbers, and it seems like it has already rejected the level if you look at the daily candle close.

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 market has formed an inside bar. The price moves sideways in the range of the 4H candle. If you look at the 1H timeframe, it will be shaped like a triangle. I think the market will move sideways until tomorrow because we don't have any important news today. I expect the price to take liquidity above the 4H candle, which will create a fakey setup and then a bearish move from the resistance at 2200. If the price closes near the previous day low, there is a high chance of a market pullback. My target is the support level around 2140.

Comment:

The gold market formed the range zone, and most likely we'll see more sideways moves. I think the market may stay in the range zone, even though the price rejected the resistance zone. Overall, I expect a choppy market. On the daily timeframe, price action formed an inside bar pattern, which suggests that we might see a ranging market between 2195 and 2154. I think the market will react to upcoming news by creating a long-tailed bar and rejecting the resistance zone. My goal is the previous support level at 2163.000 if the market rejects the resistance by making a fake breakout.

Trade closed: target reached:

The price nicely hit the target in my last forecast.

Comment:

The price perfectly fulfilled my last idea. It hit the target. The market went down, after news releases, which was a breakout of the range zone. XAUUSD rejected the resistance, then made an impulse leg down. The price is making swing lower lows on the 1H timeframe. I think the market may move further downward, potentially retesting 50% of the weekly candle. Alternatively, it may form a range because markets usually go sideways after impulse movements. My goal is the support level at 2145.000