Lingrid | GOLD Weekly PRICE Action ANALYSIS for OANDA:XAUUSD by Lingrid

Lingrid | GOLD Weekly PRICE Action ANALYSIS

reached an all-time high this week, testing the zone above 2800 and maintaining an upward trajectory, as I noted in my last weekly post. January candle closed strongly above the 2024 high, indicating a strong bullish momentum in the market. Any pullback at this stage could present a prime opportunity to go long, if this doesn't turn out to be a false breakout of last year's high.

However, on the daily timeframe, the formation of a long-tailed bar suggests a potential rejection at this resistance level, indicating the possibility of a pullback. Additionally, on the weekly timeframe, we can observe a closing below the psychological level of 2800 and weekly candle tail, which hints at potential selling pressure above. Overall, I anticipate the market to continue bullish movement, potentially reaching resistance zone of 2830-2850, which seems achievable unless the price action indicates 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 price perfectly fulfilled my last idea. It hit the target level. The market bounced off nicely off the support level you highlighted yesterday. It’s crucial to closely monitor the key level at 2800. If the market manages to close above this level, it could open the door to the resistance zone between 2830 and 2850. Conversely, if the price bounces back down from this area, it may drop toward the 2760 support zone. Given that the price has moved below the previous low, we may see some upward movement that could either lead to ATH or a complex pullback. Overall, I think the price may continue pushing higher, potentially testing the area above the previous month's high. My goal is resistance zoen around 2825

Trade closed: target reached

The price hits the TP 🤝

Lingrid

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