Lingrid | GOLD Weekly Technical Analysis
Updated
The surge in 
XAUUSD price following Jerome Powell's speech underscores the market's reaction to potential shifts in monetary policy. His indications of a likely interest rate cut, possibly occurring in September, have prompted a weakening of the U.S. dollar and a decline in Treasury yields, further enhancing gold's appeal as a safe-haven asset. As a result, the weekly candle closed as a green doji, reflecting both investor sentiment and anticipation of shifts in economic conditions.
The market bounced off the swap zone and closed above the psychological level; however, there was not enough momentum to retest the previous higher high, which also represents an all-time high (ATH). This indicates that the market may now consolidate around the 2500 level or below the previous resistance zone to accumulate liquidity for a potential move to higher levels. On the daily timeframe, price action remains within the range of the previous day, suggesting the possibility of forming a triangle trend continuation pattern. It seems that there will be fewer high-impact news events next week, which may result in less momentum in the market. Nevertheless, we must remain cautious of the uncertainty in the market and be prepared to respond accordingly.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
XAUUSD price following Jerome Powell's speech underscores the market's reaction to potential shifts in monetary policy. His indications of a likely interest rate cut, possibly occurring in September, have prompted a weakening of the U.S. dollar and a decline in Treasury yields, further enhancing gold's appeal as a safe-haven asset. As a result, the weekly candle closed as a green doji, reflecting both investor sentiment and anticipation of shifts in economic conditions. The market bounced off the swap zone and closed above the psychological level; however, there was not enough momentum to retest the previous higher high, which also represents an all-time high (ATH). This indicates that the market may now consolidate around the 2500 level or below the previous resistance zone to accumulate liquidity for a potential move to higher levels. On the daily timeframe, price action remains within the range of the previous day, suggesting the possibility of forming a triangle trend continuation pattern. It seems that there will be fewer high-impact news events next week, which may result in less momentum in the market. Nevertheless, we must remain cautious of the uncertainty in the market and be prepared to respond accordingly.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
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The market is currently approaching the all-time high level, and I anticipate that we could see some pullback from this point. There is a possibility that the price might form a fake breakout of the resistance before reversing and moving downward. On the daily timeframe, the price has broken above Friday’s high, and if it closes above this level, it could increase the likelihood of a further upward move. However, since the market has already reached the resistance area, it seems illogical to enter new long positions at this resistance level. I expect to see a pullback followed by potential further upward movement or, alternatively, a breakout that could lead to a pullback before the continuation of the trend. My mid term target is resistance zone around 2558
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As I mentioned yesterday, the price has pulled back from the previous resistance zone and is now moving toward the support level and the channel border. It appears the market is waiting for a major news catalyst to determine its next movement. In my previous analysis, I noted that the price action might form a compression channel, potentially taking the shape of a triangle pattern or evolving into a sideways movement. Additionally, pay attention to the psychological level at 2500, as it coincides with the lower border of the channel. This level could act as a strong support, and if the price approaches this area, it will be essential to observe how the market reacts. My target is resistance zone around 2548
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The market is continuing to move sideways. In the gold market, it is uncommon for the price to break through a strong resistance zone on the first attempt. Typically, the price tends to break and close above resistance after the third or fourth approach. Recently, the market bounced off the resistance zone following a false breakout. It appears that the price action is forming an expanding triangle pattern, making it challenging to predict a genuine breakout. Nevertheless, the primary objective remains clear: consolidation followed by trend continuation. We should remain vigilant for signs of a breakout. My target is resistance level 2535.
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The market has bounced nicely off the level I anticipated. Overall, the price remains in a consolidation zone. The resistance area at 2525 has been tested three times, and this repeated approach could potentially lead to a breakout. Upcoming news may drive the price higher toward the next resistance levels. However, if the economic data comes out negative for gold, we might see the price dip below 2500, leading to a retest of the support level at 2470. Nevertheless, I expect a rejection at the top of the consolidation range before a move higher. If the market fails to hold above those levels, then the 2500 mark would be the next support level to watch closely. My target is resistance at 2530
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