Lingrid | GOLD weekly price action PREVIEW

7 Mei 2023

The week began with gold markets trying to break through the major resistance and made higher levels, but on Friday it fell. Given everything going on in the global economy, it is not surprising that the gold market have been quite volatile this week. The market retracted direction and fell on Friday as the Non-Farm Payroll statistics came in higher than expected and the market tried to hit a new high.

The bulls began to return and begin buying gold, indicating that there is still a significant amount of demand. The American banking crisis has not ended, so it makes logical that people would want to invest in gold in order to preserve their capital. It remains still to be shown if it will hold, but it is definitely necessary to highlight that. In any case, given how bullish the market has been, I believe there are several zones where buyers will likely enter and try to push the gold higher.

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

8 Mei 2023

Catatan

The gold market bounced off the psychological support at 2000 by forming a long-tailed bar. Probably, the market will range around 2000 and then go up if the fundamental factors don't change. Price action closed above the range zone, which creates a strong support level. Price restested the range and rejected it. I expect long trade from the support level if price makes fake break or double bottom. My target is around resistance at 2035