Lingrid | GOLD Weekly MARKET Technical ANALYSIS

market remains in a consolidating phase, characterized by lower highs and higher lows in the shape of triangle. The price has bounced off the 2300 support level, which also has psychological significance. On the daily chart, the price remains within the previous Friday's range. Based on this, I expect the market to continue consolidating between the top and bottom of this range zone.

Looking back at April's chart, we can see a prolonged consolidation period, and I believe the market may stay in this range zone until we see another surge or sell-off that sets a clear trend. If the market breaks through the downward trendline, we could expect a further move upwards to the 2400 level. However, I anticipate a bearish move on Monday, with a likely continuation of sideways movement.

Traders, if you like this idea or have your own opinion on this matter, write in the comments. I will be glad 👩‍💻

Note

The gold market is currently consolidating after an impulsive move from the resistance zone, suggesting that the momentum may be exhausted. The lack of a strong rally from the 2300 psychological level indicates that bulls are not yet willing to enter at these levels. On the daily chart, has formed an inside bar pattern, which is a potential triangle pattern in lower timeframes. I think the market may create an upward movement to complete a two-legged pullback. Given the current market conditions and lack of significant news events, I expect the market to continue trading sideways for the time being. My goal is the support level at 2300

Note

The gold market has been forming a triangle pattern, and it has so far respected the downward trendline above. However, it has now broken and closed below the bottom of the pattern, which is might be a bearish signal. On the daily chart, the price action remains choppy, with no clear direction evident. I think we will see clear direction if the market breaks through the resistance at 2340 and the support level at 2290. If the upcoming news doesn't provide a catalyst to push the price higher, the market may continue its downward momentum. In this scenario, I expect the price to move to lower levels. My goal is the support zone 2285 - 2290.

Lingrid

💰FREE FOREX signals in Telegram: bit.ly/3F4mrMi

🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid

🌎WebSite: lingrid.org

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

Lingrid

💰FREE FOREX signals in Telegram: bit.ly/3F4mrMi

🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid

🌎WebSite: lingrid.org

Also on: