Lingrid | GOLD Weekly Market OUTLOOK
Updated
This past week showed significant volatility, with 
XAUUSD experiencing a sharp decline before recovering by the week's end. The weekly chart shows this movement, featuring a doji candle; the candle's shadows above and below emphasize this volatility, while the small body reflects a lack of directional movement. Notably, the market closed at the level of the June high, signaling that this price level remains important for the market.
On the daily timeframe, we see that the price rebounded from the 2350-2360 range, an area where the price has historically found support. Additionally, this rebound coincided with the 61.8% Fibonacci retracement level, which further reinforces the significance of this price zone. From a weekly perspective, the market appears to be in a consolidation phase, with the week's high and low serving as critical indicators for future price movements. If the price breaks and closes above the PWH, we could anticipate a potential rise toward the 2500 level. Conversely, if the price breaks and closes below the PWL, a retest of the bottom of the consolidation zone could be expected.
Looking ahead, next week is set to be highly volatile, influenced by important economic events such as announcements from the Federal Reserve, Bank of England, and Bank of Japan. These developments are likely to have a substantial impact on market sentiment and direction.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
XAUUSD experiencing a sharp decline before recovering by the week's end. The weekly chart shows this movement, featuring a doji candle; the candle's shadows above and below emphasize this volatility, while the small body reflects a lack of directional movement. Notably, the market closed at the level of the June high, signaling that this price level remains important for the market.On the daily timeframe, we see that the price rebounded from the 2350-2360 range, an area where the price has historically found support. Additionally, this rebound coincided with the 61.8% Fibonacci retracement level, which further reinforces the significance of this price zone. From a weekly perspective, the market appears to be in a consolidation phase, with the week's high and low serving as critical indicators for future price movements. If the price breaks and closes above the PWH, we could anticipate a potential rise toward the 2500 level. Conversely, if the price breaks and closes below the PWL, a retest of the bottom of the consolidation zone could be expected.
Looking ahead, next week is set to be highly volatile, influenced by important economic events such as announcements from the Federal Reserve, Bank of England, and Bank of Japan. These developments are likely to have a substantial impact on market sentiment and direction.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Note
The price perfectly fulfilled my last idea. It hit the target level. GOLD has bounced off the support zone around 2360, indicating some strength at that level. After a brief rally thin morning, the market is currently pulling back. The recent break above the last two days' highs suggests the market has some bullish momentum, but if the market fails to close above these levels, it could indicate a deeper pullback is in play. Today, with no significant high-impact news, the price may continue to range. I anticipate that the market could remain in a sideways pattern, potentially forming a trend continuation setup. I expect a pullback to the support zone around 2370-2380, where buying interest could emerge again. If the support holds, I believe the price could then surge upward towards the previous week's high, continuing the upward trend. Overall, it’s essential to watch for clarity in price action at these support levels to confirm the expected bullish movement. My goal is the resistance zone around 2430Note
GOLD has bounced off the support area I mentioned yesterday. The price is currently trading within the previous daily range and is testing the channel border. The formation of a daily doji candle suggests a sideways movement in the market. If the price breaks out of the downward channel, it could signal a continuation of a bullish trend. However, there remains a possibility that the price may drop to a lower level around 2350. The market seems to be forming a reverse head and shoulders pattern, indicating a potential reversal. I expect the price to create a small range zone just below the channel border before breaking through. I will be looking for the price to test the support level, and if it bounces back, we can consider it as a buy confirmation. My target on the 1H chart is the resistance zone around 2418.
Trade closed: target reached
The price hit the target on the 1H timeframeTrade closed: target reached
Full target hit
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