Lingrid | GOLD Weekly Price Action Analysis

4. Aug.

The last monthly candle closed bullish, despite two rejection candles in the past. On the weekly chart, XAUUSD has finally closed above the 2420 level, which it has struggled with since April, signaling a strong bullish sign. Additionally, it broke and closed above the previous week's high. However, on the daily timeframe, the last two candles are doji, indicating indecision. This is likely due to the week being filled with high-impact news events. Next week may be slower, given the volatility we've experienced recently.


Despite the selling pressure, the overall trend remains bullish. I believe the market may form a trend continuation pattern, such as a triangle formation. After a sharp move, prices tend to consolidate, suggesting the potential for a range pattern. Overall, I see short-term pullbacks as likely buying opportunities. The recent jobs report increases the likelihood of the Federal Reserve cutting rates next months. The psychological level at 2400 acted as significant support, and despite market volatility, gold remains above it.

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

5. Aug.

Anmerkung

GOLD has pulled back to support and is currently trading near the previous daily low. I believe the market could consolidate within Friday's range and may move higher if there is a breakout through this potential range zone. The price is retracing to retest the 61.8% level of last week's range, so I anticipate some rejection at this support level, possibly along with a liquidity grab below the previous day's low. If the market forms a false breakout candle, it could signal a potential upward move. My target is the resistance zone around 2478.