Lingrid | GOLD Weekly Market OUTLOOK

The price perfectly fulfills my last idea. XAUUSD bounced off the weekly level at 2070. And on the daily timeframe we have a candlestick with a long tail from the resistance level. As I mentioned on the Friday post, the market may make a false breakout of the triangle, which is a strong signal. Although there is no such false breakout. But the price is heading towards it and if the price goes further down, it will be a confirmation.

Another scenario is a rebound from the support, i.e. from the triangle boundary, then there is also a possibility that the price will go up further. However, all signs suggest that we may go down. This week we should pay attention to the level of 2052 because it is the high of November. If the price closes above this level, there is a chance that we will see a move up. If the price fails to close above this level, then a downward move is possible.

Friday post:

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

Kommentar:

The price made the impulse leg fall downward from the resistance; gold stayed below the 2070. The market formed a long-tailed bar as a sign of rejection. The resistance zone at 2058 is a previous 4H candle high, and if it pulls back that resistance zone and rejects it, then the market may continue moving further downward. I expect a liquidity grab above the 2058 level and a bearish move. My goal is the support level at 2043 from the resistance zone.

Kommentar:

The market broke through the range zone and extended upward. Gold is forming a potential double top at the resistance zone. The price was rejected at this weekly level. The price is slowing down near the resistance zone, which suggests that bulls might not have the strength to push the price higher. I look forward to a pullback towards support from resistance. Fake breakout of the small range and go down, or straight downward move. My goal is to support at 2055.000