Lingrid | GOLD Weekly MARKET OutlookOANDA:XAUUSD spent half of the week trading sideways between the 2710 and 2750 levels, remaining within Wednesday's range. This sideways movement created liquidity above and below these levels, and if the market tests these zones, we can anticipate some volatility.
On the weekly timeframe, the market formed a small candle, indicating a pause in the bullish momentum. Ideally, I would like to see a false breakout below the previous week's low, followed by a continuation of the bullish trend. Conversely, breaking above this week's candlestick would be very bullish.
On the daily chart, we've seen the formation of a bullish flag, which suggests a potential upward movement towards 2800. I believe that gold could eventually reach 3000 by the end of the year, although the path there is unlikely to be straightforward. Next week, we have a significant amount of high-impact news, which will likely to inject some volatility into the markets, so we should exercise caution. Overall, I see any pullback as an opportunity to go long.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
