Lingrid | GOLD Weekly OUTLOOK: strong UPTREND with Retracements

2 days ago

continues its bullish momentum, closing another week up approximately 3.5%, primarily driven by Wednesday's breakout candle that pushed above the previous week's high. Following this strong upward movement, we've observed a period of retracement that manifested as a pinbar formation on the 4H timeframe. While this candlestick pattern typically signals continuation, the market's hesitation to move higher suggests a deeper pullback may be ahead. At current price levels, we're likely to see the formation of a continuation pattern, potentially a triangle that could provide an excellent entry opportunity.

Looking lower timeframes reveals the potential development of an ABC pullback, which would strongly indicate another bullish move upon completion. On the daily timeframe, this retracement will likely take the form of an inside bar candlestick pattern—a formation traditionally associated with trend continuation when traded in the direction of the prevailing trend. Despite these short-term fluctuations, the bullish trend remains firmly intact, supported by ongoing geopolitical tensions, uncertainty surrounding central bank policies, and sustained physical demand from Asian markets.

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19 hours ago

Trade active

The market gapped up early this morning, establishing new all-time highs once again. Price action broke and closed above the previous week's high (PWH), which has now transformed into a support level. The upward momentum continues to drive prices higher, suggesting that any potential pullback toward the PWH could present a buying opportunity. Currently, the market is testing🗝 the key level at 3400, which, if could push the price lower levels forming a short-term downward move. With no high-impact economic news on the horizon, the price could easily reach the next resistance zone above 3400, supported by the current bullish momentum. My goal is resistance zone around 3430

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