Lingrid

Lingrid | GOLD Weekly Technical Analysis

Long
Lingrid Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
The release of econimic data sparked XAUUSD surge, breaking above the previous high and clearing the previous week's high, indicating a clear upward momentum. With the market reaching the key resistance zone at 2400, I believe it's prudent to wait for a pullback before anticipating the continuation of the bullish trend. I expect a correction towards the support area between 2363 and 2370, where we can look for a buying opportunity to confirm and aim to target the liquidity zone above 2400.

On the daily chart, we finally saw price action break and close above the triangle pattern. This breakout presents an opportunity to speculate on future price action. Notably, it could potentially push above the next support level at 2550. Overall I see short-term pullbacks as buying opportunities. If we break above 2450, I expect the target at 2500 and beyond. I think there is likelihood of break through level of 2400 and continue rallying significantly. I'm willing to buy gold on any initial pullback with strong bullish momentum.


Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻
Comment:

The price perfectly fulfilled my last idea. XAUUSD has made consecutive higher highs on the 4H chart, and the market has tested its previous high, only to pull back and form a fake breakout. This development is cause for some concern, but it's reassuring that we didn't see a bearish long tailed bar, that would indicate a potential liquidity grab and subsequent drop. Instead, the price is likely to revisit this zone again. I think the market may create a trend continuation pattern at the support zone before breaking and closing above it. If the price can break through resistance, it's likely to propel gold to next resistanace levels above. However, if it continues lower, we can anticipate the price testing the 2350 support level and possibly the channel border. My goal is resistance zone at 2415.
Comment:

As mentioned yesterday, the market has pulled back to the channel border, with the current price near the previous daily low and key level at 2350. I believe the market may consolidate within the 2368-2350 range before deciding on its next move. If it breaks through this zone, it could potentially continue the current trend. With Fed Chair Powell's testimony upcoming, it's likely to bring increased volatility to the market. However, if the market makes a fake breakout at 2350, it's likely that it will retest the recent resistance zones above. My goal is the resistance zone around 2390
Comment:

The price perfectly fulfills my last idea. The market bounced off the entry zone and rallied higher, after the equal lows formation. I believe the market may be creating some box in anticipation of the upcoming news. The market broke and closed above the recent high at 2370, therefore I think the market might continue to push upwards. However, if the price pulls back to the support level around 2360, it would present an opportunity to enter long again. My goal is resistance zone at 2385
Trade closed: target reached:
The price hit the target

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