Lingrid | GOLD Weekly market PREVIEW
Updated
The price of gold drops from its highs following the publication of US Price Index data that was lower than anticipated; on Friday, it closed at approximately 1,970. A forming triangle pattern on the charts has provided strong resistance for the price of gold near its day high, leaving traders uncertain of the yellow metal's next price action.
Inside a probable symmetrical triangle formation that is most clearly seen on the 4H timeframe chart, the price of gold is rising steadily. When Gold price reached a high of 1987 on Friday, peaking just below the upper border of the patten, gold has likely finished the fourth leg of the triangle. It's probable that the price may now reverse at resistance from the border and begin a fifth wave of decline to the lower borderline at around 1960. But, considering that the triangle is nearly finished, there is now a greater likelihood that a breakout will occur at any moment. On the daily timeframe, we can see that price reached one year's resistance in April 2022. RSI is not in overbought territory. In addition on April 2020, the market made a similar price action. Fundamentals were approximately the same as today.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Inside a probable symmetrical triangle formation that is most clearly seen on the 4H timeframe chart, the price of gold is rising steadily. When Gold price reached a high of 1987 on Friday, peaking just below the upper border of the patten, gold has likely finished the fourth leg of the triangle. It's probable that the price may now reverse at resistance from the border and begin a fifth wave of decline to the lower borderline at around 1960. But, considering that the triangle is nearly finished, there is now a greater likelihood that a breakout will occur at any moment. On the daily timeframe, we can see that price reached one year's resistance in April 2022. RSI is not in overbought territory. In addition on April 2020, the market made a similar price action. Fundamentals were approximately the same as today.
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 price perfectly fulfills my last idea and it tested resistance zone. The price is approaching the strong support level at 1950 - 1955. The price already bounced off the level on the 1H timeframe. On the 4H the market formed a triangle pattern . The price is squeezed between support and resistance. In my opinion gold might go up to test the resistance because triangle patterns usually break toward the main trend. I think gold will range some time and go up. My target is next resistance zone 1980.
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