Lingrid | GOLD around SIGNIFICANT zone. Weekly market PREVIEW

The price of gold has been back and forth during the trade week, first decreasing and then rising again. It's important to note that the gold markets have had a significant inflow because at this point, some capital security is likely to enter the game. Yet given how far the price has been pushed to the upside, I also believe that the market is going to continue to see high volatility.

The 2000 level is getting a lot of attention because it is a psychologically significant number. In the end, I believe there are plenty of traders prepared to enter this market and seize value as it rises. In the same way that the 2050 level appears to be substantial resistance, the 1966 level appears to be significant support. It will be interesting to see if the market can push upside or if we need to have some sort of pullback at this point due to the starting to price squeeze.

On the daily timeframe, we can clearly see the rising channel after a huge bullish impulse move. The market shows signs of divergence, and this possibility could lead to a pullback. After all, the market cannot continue to rise in the air without inevitably experiencing the effects of gravity. Since a pullback is more likely to occur the next week, I think pullbacks are chance to buy "cheap 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 I wrote in my weekly market preview, gold made a complex pullback toward the main support level. The market formed an ascending channel, and the price might retest the lower border of the channel. Currently, gold is around 50% of the previous week's move. I think gold will range at the current support level for some time, and bulls will attempt to push the price higher. My goal is resistance zone at 2017-2020.