Lingrid | GOLD Weekly Price Action ANALYSIS

The week ended with the bullish formation of a large candle closing above the two previous day highs. This suggests that we might see some bullish moves next trading week. It is worth noting that the U.S. dollar index is rising; however, it seems the correlation between gold and DXY recently weakened, as it will occasionally. Next week, I expect a mostly choppy market; both can go up and down. I believe gold will try to grab liquidity above the range (accumulation) zone, which may result in testing the next range zone above. From there, the market may go down, rejecting the resistance at 1940. The resistance was strong because it caused impulse movements before.

The dollar index is about to test the next resistance zone. I think it will bounce off this level and make a correction. Then, if it breaks the resistance, the next resistance is probably going to be at 108.000. More likely, this DXY bullishness will affect gold.

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

Comment:

As you can see, the gold market moved higher, and it's testing the range border at 1930. We have good momentum from the support that can carry the price to the next resistance zone. If the price goes above the range zone, the first entry point is going to be 1935, and the second entry point is going to be 1940. The September open price was approximately at 1940, and it makes sense if the price retests it. Let's see how it goes. My goal is to support 1916.