XAUUSD weekly chart analysis from 29 AUG to 2 SEP 2022Gold seems to be moving in respect to a downtrendline & gold might continue to move down to retest 1680 key zone if it makes a breakout of 1711.34 or create new lower low if even closes below 1681.50.
However if it breaks out of 1808.34 with further bullish momentum then it would be making a breakout of the downtrendline & could shift to an uptrend from the downtrend.
Xauusdweekly
Weekly Gold AnalysisWe have recently broken a swing high
this triggers the algorithm to seek higher prices
In order for them to do so they need to create a swing low
to get in trend with the market.
The algorithm buys in down candles not up candles.
We also broke a swing Low on the weekly when gold traded to 1780.
If we don't break the Previous weeks high this will complete the weekly swing High formation.
Once it is formed we can go short on the 3rd candles low.