Lingrid | GOLD Weekly Price Action Analysis
Updated
At first gold fell, but then there was a rapid rise after the news about the Fed interest rate. The price reached the resistance level but the price didn't go any further. It couldn't get above the 2050 level. This tells us that the price is not ready to go further and we might see a deep pullback. But if it rises above 2050, that would be a good sign that it could go up to 2075. And if it rises above that level, it could rise even more, then the road to ATH will be open.
If things stay the same, the gold market will probably continue to move sideways between 2000 and 2050 levels, but that also depends. In general, the long term trend is upwards, so I think the rise will continue but not this year of course. If we look at the daily chart, we see a clear 1-2-3 movement. Last week I wrote that we may test the 50% bearish candle. The price really went up and reached these levels. I think the price will fluctuate further until the new year.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
If things stay the same, the gold market will probably continue to move sideways between 2000 and 2050 levels, but that also depends. In general, the long term trend is upwards, so I think the rise will continue but not this year of course. If we look at the daily chart, we see a clear 1-2-3 movement. Last week I wrote that we may test the 50% bearish candle. The price really went up and reached these levels. I think the price will fluctuate further until the new year.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Note
The market moves down from resistance; it failed to renew its highs at the key 2050 level. The market retreated after bearish momentum and a double top. I expect the price to go down because it formed a 3-bar reversal formation on the daily timeframe. It suggests that the price might continue moving downward. The resistance at 2035, where the price fell, is a good area to sell. My target is the support level around 1991.Note
The price perfectly fulfills my last idea. It bounced off the resistance zone. The gold is bascally moving sideways. The price made a double test of the resistance zone, then broke and was fixed below the range zone as well. I think the market is building liquidity near the upward trendline. And the breakout of it may lead to another impulse to move downward. The price already grabbed liquidity by making a fake breakout of the resistance. I expect a breakout of the trendline and a test of the support. My target is around 2012.700.
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