Lingrid | GOLD Weeky MARKET Outlook

As I predicted last week the market fell and reached a key support. The price stopped at the level where the price bounced off. There was a strong move down from that level. Also this is an area that previously showed signs of noise and so it is likely that price will range or make a pullback.

If the price can reverse from here, a test of the level 1950 - 1960 is very likely, which is the boundary of the range. The price has already pulled back 1/3 of its bullish move. At the same time, the war in the Middle East has not spread, which also affects the gold price. Overall what we see now is accumulation at the key level of 2000, and distribution.

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

Comment:

The price perfectly fulfills my last idea. It hit the target level. The price broke through the support level. The market formed double bottom at the support level. If it rolls back to the resistance zone at 1950 - 1953, I think the market might go down to test support because the trend is bearish on the 4H timeframe. It formed a strong resistance where the price failed update highs. I expect a break-and-retest scenario. My goal is going to be the previous low at 1933.