Long

Lingrid | GOLD Weekly MARKET Analysis

Updated

market experienced another strong rally this week, showcasing significant momentum. However, it ended the week with a pullback, closing below the weekly open price level. Despite this, I believe the recent pullback may present a buying opportunity, given the overall bullish trend remains intact on the weekly timeframe. The last weekly candle formed a long-tailed bar, indicating bearish pressure was present since the europe chose not to cut rates this week, and that may have caught some trader off guard. Therefore I anticipate the market to consolidate in a sideways range between 2350 and 2450 before resuming its upward trajectory, ultimately reaching the next key resistance zone at 2500.

On the daily chart, the market broke and closed above the previous resistance level at 2450, indicating a continuation of the trend. As the price approaches the 50% to 61.8% Fibonacci retracement levels, it may find support there. Overall I expect short-term pullbacks to be absorbed by buyers at these levels, potentially forming a long-tailed bar that would signal a bullish move.

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Note

The gold market opened with a gap and is currently trading sideways, which may continue for a few days. On the 1H timeframe, the price action is range-bound, indicating indecision in the market. A good opportunity to buy would be a false breakout of the previous week's low with bullish divergence. My expectation is that the price may initially move below the 2400 support level, allowing for a better entry point. However, if the price makes an impulsive move upwards, it would suggest that the bulls have taken control, and we could look for a pullback to enter the market in anticipaton of the retest of the 2450 resistance. My target is resistance zone at 2430

Note

As I mentioned yesterday, GOLD took a liquidity below the weekly low. On the daily chart, the price formed a doji-type setup, which is often a sign of indecision. The market rejected the support level, and we can see a divergence forming at that level. With no high-impact news events scheduled for today, there's a possibility that the price may consolidate and move sideways. However, if the market breaks above yesterday's high, it could potentially push up towards the swap zone above. I'm expecting the price to break through the range zone and continue its upward momentum. My goal is resistance zone at 2430.

Note

Yesterday, gold made a slight bullish move, but I think the market may be stuck in a sideways trend. The price has already took liquidity below the 2400 psychological level, leaving room for it to move higher if we get a catalyst. The price action suggests that the market is anticipating the upcoming US economic data release, which could potentially push the market either higher or lower. If the news comes out favorably for bulls, I believe the market could break out of its range and move higher. Overall, I'm looking for the price to test support levels and bounce back. My target is the resistance zone around 2445

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