Here is the market outlook on Gold (XAUUSD) for next week from 20th of May to 24th of May. It is a clear projection of what is mostly likely to happen on Gold next week.
In monthly timeframe there is a stronger gain this month almost covering the whole rejection formed in the April candlestick. This is a clear indicator of buyers dominating the price in this timeframe. There twelve remaining days for monthly candlestick to close, therefore price may reject to the downside or may continue to the upside.
In weekly timeframe price has maintained a two weeks bullish momentum to an extent of a possibility of new higher High to be formed. But at the same time there is decrease in volume at this level which is an indicator of a possible price turn to the downside.
In daily timeframe price seems to be in completion of the five wave move to the upside. Based of the internal wave formation, price may complete the fifth wave at the current price level, Alternatively, extension is possible up to the level marked by resistance in this timeframe.
In four hour timeframe price is moving in a channel to the upside and current price is at the upper boundary line of the channel, therefore, resistance is expected to happen at the current price level. Price has currently managed to trade above 2400, this is a psychological level.
PRIMARY PROJECTION:
Consider selling when price reject to the downside and break the lower boundary line of the channel (sell below 24000 level).
SECONDARY PROJECTION:
Consider buying when price move down on opening of the market and bounce above the lower boundary line of the channel (buy above 2400).
In monthly timeframe there is a stronger gain this month almost covering the whole rejection formed in the April candlestick. This is a clear indicator of buyers dominating the price in this timeframe. There twelve remaining days for monthly candlestick to close, therefore price may reject to the downside or may continue to the upside.
In weekly timeframe price has maintained a two weeks bullish momentum to an extent of a possibility of new higher High to be formed. But at the same time there is decrease in volume at this level which is an indicator of a possible price turn to the downside.
In daily timeframe price seems to be in completion of the five wave move to the upside. Based of the internal wave formation, price may complete the fifth wave at the current price level, Alternatively, extension is possible up to the level marked by resistance in this timeframe.
In four hour timeframe price is moving in a channel to the upside and current price is at the upper boundary line of the channel, therefore, resistance is expected to happen at the current price level. Price has currently managed to trade above 2400, this is a psychological level.
PRIMARY PROJECTION:
Consider selling when price reject to the downside and break the lower boundary line of the channel (sell below 24000 level).
SECONDARY PROJECTION:
Consider buying when price move down on opening of the market and bounce above the lower boundary line of the channel (buy above 2400).