Lingrid | GOLD Weekly Market OUTLOOK

market has been in the bearish trend since the completion of the election. On the daily time frame, we have seen a clear break and a close below the previous support level at 2603, indicating a potential shift in market. However, I anticipate that the market will move sideways for the time being, unless it breaks through the 2470 support area. On Friday, the market rebounded from the 2550 support level, creating a false breakout. This resulted in a long-tailed bar, signaling a rejection at that level.

Looking at the monthly time frame, the price is now approaching the August high, which could serve as significant support. Meanwhile, on the 4H timeframe, price action has formed an ABCD pattern. Typically, after this pattern completes, markets tend to pull back.

Currently, on the daily time frame, the price is slowing as it nears the 2530 support area below. It's worth noting that the market struggled to break this level for over two weeks in August, indicating its importance. Overall, I expect the price to at least bounce back from these zones in the short term unless further price action shows otherwise.

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

Trade active

The market gapped up this morning, indicating strong buying pressure at the open. On the 4H timeframe, a bullish engulfing candlestick pattern has formed showing level rejection. Currently, the market is pulling back toward the resistance zone. I believe the market may retrace to the 2630 level, which represents one-third of the recent sell-off and aligns with the fibonacci golden zone of the previous weekly range. It’s important to note that the price took a liquidity below the previous support level, creating a false breakout. Given that there is no high-impact news scheduled for today, I expect the market to continue moving upward. My goal is resistance zone around 2625

Trade closed: target reached

The market went straight up and reached the target zone 🤝

Lingrid

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