XAUUSD market remains overall bullish; however, recent price action indicates a consolidating trend. The weekly timeframe showed three consecutive three doji candles, highlighting indecision within the market. As a result, it seems logical to anticipate continued consolidation between the 2470 and 2525 levels. On Friday, the market experienced a sharp decline, closing below the psychological level of 2500. Notably, there appears to be accumulation occurring at this level, with the price oscillating back and forth. Looking ahead to next week, I expect the sideways movement to continue within this respected swap zone, especially given the limited economic data catalysts on the horizon.
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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.