Here is the market outlook on Gold XAUUSD for next week from 6th of May to 10th of May. It is a clear projection of what is mostly likely to happen on gold for five days of the coming week.
ANALYSIS.
In monthly time frame price has closed April candlestick with a clear rejection from the upside. This is a clear indicator of presence of sellers at this level. Expect to see May candlestick moving up to around 50% of the April candlestick before proceeding down.
In weekly timeframe price has clearly respected the projected three wave swing to the upside followed by correction. Last week price closed a weekly candlestick with a clear railway pattern, and this has been support with this weekly candlestick that has maintained a downward move even during NFP release.
In daily timeframe price is clearly demonstrating a trend to the downside through formation of the lower highs and lower lows. Currently price is trading at the static support that has been respected several times in the past.
In for hour timeframe price still show multiple touched at the static support explained in daily timeframe. Wave counts indicate that, price is trading in the fifth wave down. Therefore this wave can be extended or not.
PRIMARY PROJECTION;
Watch for possible buy opportunities up to around 2360-2370 level when price break and retest the upper channel (trendline) of the possible diagonal structure in four hour timeframe.
ALTERNATIVE PROJECTION;
Consider short-term sells to nearly 2200 level when price break and retest the static support around 2280 level.
ANALYSIS.
In monthly time frame price has closed April candlestick with a clear rejection from the upside. This is a clear indicator of presence of sellers at this level. Expect to see May candlestick moving up to around 50% of the April candlestick before proceeding down.
In weekly timeframe price has clearly respected the projected three wave swing to the upside followed by correction. Last week price closed a weekly candlestick with a clear railway pattern, and this has been support with this weekly candlestick that has maintained a downward move even during NFP release.
In daily timeframe price is clearly demonstrating a trend to the downside through formation of the lower highs and lower lows. Currently price is trading at the static support that has been respected several times in the past.
In for hour timeframe price still show multiple touched at the static support explained in daily timeframe. Wave counts indicate that, price is trading in the fifth wave down. Therefore this wave can be extended or not.
PRIMARY PROJECTION;
Watch for possible buy opportunities up to around 2360-2370 level when price break and retest the upper channel (trendline) of the possible diagonal structure in four hour timeframe.
ALTERNATIVE PROJECTION;
Consider short-term sells to nearly 2200 level when price break and retest the static support around 2280 level.