Lingrid | GOLD Market Weekly Technical Analysis

5 hari yang lalu

XAUUSD market has rebounded this week, recovering losses from the previous week, after it bounced off a key support level. Additionally, the market broke through and closed above the psychological level at 2,700. On the daily timeframe, the last five candles have been bullish/green in a row, indicating strong buying momentum.

On the weekly timeframe, the market broke above the previous week’s high with ease, closing above it, which suggests a lack of selling pressure, especially since Friday was packed with high-impact news. On the monthly timeframe, the market clearly demonstrates a liquidity grab below the previous month's low and is forming a long-tailed bar that will hint at future price action on the close.


Given the recent bullish momentum, gold is likely to continue its upward trend, with short-term pullbacks providing buying opportunities. The resistance level at 2,800 appears to be more of a target than a barrier, and I expect gold will bounce off this level creating short-term pullback and continue rising on its third approach.

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

4 hari yang lalu

Trade aktif

The gold market has pulled back toward a support level after making a false breakout of a resistance zone, which is somewhat concerning. Recently, the price has tested the previous day's low and moved above it, indicating some buying interest. Also the market has retested about one-third of the previous week's range. Currently, the market is testing an upward trendline that has been respected multiple times before. It seems likely that the price may consolidate today below the psychological level at 2700. Given the current setup, I think the market may dip slightly before making another move higher. My goal is resistance zone around 2750