Lingrid | GOLD Weekly Pre-MARKET Analysis

The descending triangle pattern played out perfectly in the my last weekly forecast. The XAUUSD market has had a strong rally on the last 2 trading days and looks poised to continue consolidating in the range. The support level at 2300 remains a key level, with bulls likely to step in on any pullback. Next week attention will also be on the resistance zone just above 2400, with a potential break above signaling a move towards 2500.

The price has broken through and closed above the key zone of 2340-2350, which has been consistently respected in the past. This area can be seen as a pivotal swap zone. Analyzing the daily timeframe, we can observe a strong bullish candle forming near this level, highlighting its importance as a support area. As we look ahead to next week, I expect some consolidation below the upper border of the channel. The price was unable to close above this boundary on the 4H timeframe and has reached the Fibonacci 61.8% golden zone. These factors suggest that the market may need some time to gather momentum before potentially making a move.

I think that monetary policy decisions are expected to drive gold higher in the long run. While some noise and pullbacks may occur, the overall momentum suggests that the market will eventually push higher.

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 is in line with my previous expectations, pulling back towards the broken level. XAUUSD is currently testing the previous daily low. If there is a false breakout of the PDL, it could signal a bullish trend continuation. However, there is still a possibility that the price may drop to a lower level around 2330. I anticipate that the price action will create a small range zone just below the channel border before breaking through. I am looking for the price to test the support level at 2340, and if it bounces back, we can consider a buy confirmation. My target is the resistance zone around 2383.