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Lingrid | GOLD Markets Weekly Technical Analysis

Short
Lingrid Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
The market is showing signs of life after an initial drop earlier in the week. XAUUSD seems to be moving towards the key 2000 level, which is considered a strong support zone. A break below this level could lead to a significant market reversal, with the US dollar heading sharply higher and interest rates rising again.

The market continues to narrow forming a triangle. Pay attention to the trend line that price has tested many times creating liquidity at the bottom. A downward breakout could trigger a lot of orders, which could lead to a downward move. On the daily timeframe, gold is still inside last Monday's range. Since the price is trading around the 2030 level we can expect a pullback down from this level. DXY is also consolidating inside the formed inside bar. We can expect a fake breakout of the support level and a move up.

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Comment:
The market is forming some sort of bearish pennant pattern after a downward move, and it created a range zone with previous Monday highs and lows. The market could not uptade its highs and was rejected twice at the downward trendline. The price squeezed between resistance and support levels, which suggests that the market will make another impulse move this week. I expect a pullback to the resistance/range border and a fall from the level to retest the recent support level, expansion after contraction. My goal is the support around 2006 - 2008
Comment:
The gold is in the downward channel, and now the price is updating the swing lows. XAUUSD is heading towards the resistance zone and upper channel border after testing the support. Basically, it formed a complex pullback. I expect a fake breakout of the range zone, a.k.a., grab liquidity above it, then continue trending downward. It is going to be a retest of the previous day high at 2027.665. We have CPI coming later today, so we have to carefully manage our risk. My goal is the support level at 2013.
Trade closed: target reached:
It played out nicely.

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