LiamTrading – Mid-term Gold Outlook H4Let's prepare the scenario for the new week, everyone!
In my opinion, gold next week might start to show a mid-term correction phase. However, it is important to note that nothing is absolutely certain on a larger time frame. If you're trading short-term within the day, closely follow price action to ensure higher accuracy.
Gold closed the weekly candle at 3759.85 – a price point clearly reflecting hesitation. The end-of-week session showed resistance to price increases, mainly due to profit-taking pressure, so it's too early to confirm that a downtrend will begin.
The upward price channel is strong, so it's still necessary to think in line with the market's upward trend to ensure the mindset of holding profits remains firm.
The upward structure is still stable, but the RSI has indicated a weakening in buying sentiment. To confirm a mid-term correction, gold needs to break 3720. At that point, a reasonable strategy would be to wait to sell around 3737–3740 (retracing to the trendline), with the target being the support area coinciding with the highest volume profile cluster at 3645.
Conversely, the buying scenario will occur when:
- Price touches the 3735 boundary and shows a candle rejection reaction.
- Or gold breaks above the minor resistance at 3780, then you can buy immediately, with the expectation of heading towards the 3850 area.
Next week, be patient and wait for market confirmation to increase the probability of winning. I will continue to share detailed scenarios in each trading session for everyone to stay updated.
Long
