Lingrid | GOLD Weekly Price Action Analysis for OANDA:XAUUSD by Lingrid

Lingrid | GOLD Weekly Price Action Analysis

market shows strong bullish momentum, with a streak of 6 consecutive weekly bullish closes and a +4% gain this week. The price is pushing higher, but has yet to reach the 2900 level, which may lead to a period of consolidation below this level or deep pullback. Markets often consolidate below or above strong levels before breaking through them.

On the daily timeframe, a pinbar has formed, indicating potential level rejection and a possible correction. The double top pattern suggests a pause in the bullish momentum, and the fake breakout of the previous resistance zone further supports this view. Given these signs of a pullback, it's likely that the market will form a trend continuation pattern, such as a triangle.

If a pullback occurs, the support area between the January high and last year's high would be a great spot to consider a long trade. This area provides a strong foundation for a potential bounce, making it an attractive entry point for a long position. Overall, I expect the market to pull back before potentially continuing its upward movement, as long as the price action supports this scenario.

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

Lingrid

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