Long

Lingrid | GOLD Weekly OUTLOOK

Updated

market has experienced another rally this week, reaching the significant key level of 2400 before showing signs of uncertainty near Thursday high. Currently, the market is showing potential for further upside momentum. The 2400 key level has acted as a strong support zone, and we're already seeing a protruding candle testing that level. I believe the market will remain volatile in the short term, probably in Asian session.

The attempted assassination of D. Trump might have a significant impact on the gold market, potentially pushing prices to new highs. However, there's still a chance that the market may react to this event within a relatively narrow range of +/- $30, more calmly since the situation is stabilized.

On the daily timeframe, we're seeing an inside bar pattern, and a breakout above last Friday's high would be a super bullish signal. In general, I expect a short-term sharp moves followed by a long-term upward trend. This is because the market is likely to experience a brief period of volatility before resuming its upward trajectory.

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 price has reached its previous resistance zone and is currently trading sideways on the 1H timeframe. Given this development, it's likely that the price action will form a triangle pattern, which is a trend continuation pattern. With no high-impact news on the horizon now, I expect the market to continue consolidating until New York session. If the market moves down to the support levels, I anticipate a bounce off the upward trendline and the support zone between 2390-2400. This could potentially trigger a bullish move tomorrow if the price action confirms a buy signal. My goal is resistance zone at 2440.

Trade closed: target reached

The market hit the TP

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