XAUUSD Weekly Chart Analysis
Gold has broken out of a pennant formation
Last week Gold closed with a bearish candle. This Candle could be just a minor retracement before a continuation of the bullish momentum or this could form a swing high on the weekly chart.
This coming week should provide us with further clues to what Gold is likely to do in the coming weeks and months.
WHAT TO LOOK OUT FOR:
The weekly Range is 1810-1864
BULLISH OUTLOOK:
If we close this week with a weekly candle body above 1864 or 1876 we are bullish on gold for the coming weeks and likely to reach for 1900 and above.
BEARISH OUTLOOK:
We are likely to see price reach into to 1855-1865 Zone at one point in the week. What happens here is crucial. If the price is rejected in this zone we are likely to go lower into the 1810-1830 Zone.
When the price reaches the 1830-1810 Zone we need to observe if it finds support. If this zone holds we are likely to turn and go back higher.
OUR BIAS:
We are bullish on Gold on the higher time frames with the expectation of price going higher however we are expecting seasonal pullbacks to as low as 1780.
We will be taking a closer look at the H4 chart in another post.
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Trade Safe and manage your risk. Everything we share is not financial advice.
Gold has broken out of a pennant formation
Last week Gold closed with a bearish candle. This Candle could be just a minor retracement before a continuation of the bullish momentum or this could form a swing high on the weekly chart.
This coming week should provide us with further clues to what Gold is likely to do in the coming weeks and months.
WHAT TO LOOK OUT FOR:
The weekly Range is 1810-1864
BULLISH OUTLOOK:
If we close this week with a weekly candle body above 1864 or 1876 we are bullish on gold for the coming weeks and likely to reach for 1900 and above.
BEARISH OUTLOOK:
We are likely to see price reach into to 1855-1865 Zone at one point in the week. What happens here is crucial. If the price is rejected in this zone we are likely to go lower into the 1810-1830 Zone.
When the price reaches the 1830-1810 Zone we need to observe if it finds support. If this zone holds we are likely to turn and go back higher.
OUR BIAS:
We are bullish on Gold on the higher time frames with the expectation of price going higher however we are expecting seasonal pullbacks to as low as 1780.
We will be taking a closer look at the H4 chart in another post.
If you find our analysis and ideas helpful:
Please follow
Hit the like button
Share your thoughts and leave a comment.
Thank you for your support🙏🙏🙏
Trade Safe and manage your risk. Everything we share is not financial advice.
