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Lingrid | GOLD Weekly Price Action OUTLOOK

Updated

During the week, gold broke the significant level and returned to the range zone. As you can see, the price has fluctuated in this price range before. The market is gaining bearish momentum, and most likely it will retest the psychological support at 1900. If it breaks the support, the next significant level is going to be the demand zone at 1830 - 1850. Because the market is forming a bearish flag pattern. An alternative scenario is a range market at the support level. Usually important levels are hard to break, so the market goes into an accumulation phase before distribution.

DXY also made a fake of the support, and it's approaching the resistance area. Note the negative correlation between gold and DXY. This suggests that if gold breaks below the 1900 level, it opens up the possibility of movement towards 1800, but I think there is more support in that area.

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 gold market is uptading lower lows. It broke the strong support that became resistance. The price formed double bottom at support this suggests that the market might pullback. If it does so I think the market may go down from the resistance zone. It pushed price lower forming impulse leg. The resistance at 1925 - 1930 pushed price lower 3 times in July and probably it is going to be a border of the range zone. My goal is previous support at around 1902 - 1905

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