Lingrid | GOLD Weekly Market PREVIEW

The bird's-eye view gives us a chance to understand the possible long-term XAUUSD price action. We can see a triangle formation. The price has broken through the upper boundary of the pattern. Alternatively, it could be an ascending triangle. So, this week we had a bullish candle closing with a fake breakout of the previous week's low. On the daily chart, we have a fakey setup formed, which is a fake breakout of the inside bar pattern. The important point here is that the price closed above the previous 7 days. This is a sign of strength on the side of the bulls. Although Friday's close is worrisome, because gold bounced off the resistance zone at 2063. For almost 4 weeks, the price could not get above this level, and this time the price bounced too.

The price formed a long-tailed bullish bar on the weekly timeframe. Breaking through the resistance at 2063 will open the way to the next resistance at 2080 and possibly 2088. On the 4H chart, we can see the breaking and closing above the range, and the price has already made a retest and bounced off it. What can we expect from the price next week? Probable is the continuation of upward movement or sideways movement. All other things being equal, I expect a bullish movement.

Traders, if you like this idea or have your own opinion on this matter, write in the comments. I will be glad 👩‍💻

Comment:

The price perfectly fulfills my last idea. XAUUSD bounced off the support level and hit the target. The market broke through the key level at 2050 and made new extensions. The market is updating higher lows. The price action will probably form a triangle pattern at the resistance, which is a trend continuation pattern. I'll look for a pullback to the range zone and a strong support level. I think the price can go up because it is gaining bullish momentum after the breakout of the downward channel. Most likely, it will retest the previous week's high and then another range before moving upward again. My goal is the resistance zone at 2070.

Comment:

The market is forming the triangle pattern, as I mentioned yesterday. XAUUSD made an impulse by breaking through the range zone, and now it's moving sideways. I think the price is in the accumulation phase, which eventually will lead to distribution. The price is testing the level that was respected before. I look for a fake breakout of the support level and an upward move. I expect a liquidity grab near the previous day low and then breakout of the triangle pattern. If the support fails to hold the price, it can go lower to 2030. My target is resistance at 2065