XAUUSD Weekly Analysis
• monthly timeframe with the end of the month approaching, there is hope that the monthly candle will close strong bullish
• Weekly: there was a strong rejection from the upside and multiple attempts to close above 2000 failed
• Daily: the price create support at 1934 with good momentum towards the upside and support was confirmed however, on Friday, there was a rejection from 2000 and resistance was created, which may be a fakeout from breaking the previous resistance
• The next few days will determine whether the bullish trend will continue like the monthly candle or not if the price stays above 1965 or 1950, there is a possibility of reversing upward towards 2010 or 2030, but confirmation is needed
• If the price breaks 1934 and closes below on the 1H or 4H timeframe, there may be a deeper decline in price.
• Weekly: there was a strong rejection from the upside and multiple attempts to close above 2000 failed
• Daily: the price create support at 1934 with good momentum towards the upside and support was confirmed however, on Friday, there was a rejection from 2000 and resistance was created, which may be a fakeout from breaking the previous resistance
• The next few days will determine whether the bullish trend will continue like the monthly candle or not if the price stays above 1965 or 1950, there is a possibility of reversing upward towards 2010 or 2030, but confirmation is needed
• If the price breaks 1934 and closes below on the 1H or 4H timeframe, there may be a deeper decline in price.
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