Lingrid | GOLD Weekly Price FORECAST
Updated
This week's gold market rally was followed by a pullback as above resistance. Gold market rally started strong, but by the conclusion of the week was long - tailed bar at the main weekly resistance. In contrast, this market is still trading near the 2000 level, and as of right now, it appears that the market is still under bearish pressure from above. I believe that trading between this level and the 2050 level will remain challenging now.
Multiple long tailed bars are forming, which does indicate that there might be short term bearish move. In addition, the market has been so optimistic for such a long time that it is impossible to think that the price will drop. I believe there will be a lot of choppy price action. It's possible that it may drop below the 1900 level if the market breaks below the 1980 support level. I think that the 1900 level will continue to be a significant area of interest, and a break below that level would turn the market bearish.
Since it's quite obvious that there will still be a lot of difficulty ahead for traders trying to predict whether or not central banks around the world will continue to be as tight as they say they will be, I believe you should probably trade this market from a short-term perspective.
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Multiple long tailed bars are forming, which does indicate that there might be short term bearish move. In addition, the market has been so optimistic for such a long time that it is impossible to think that the price will drop. I believe there will be a lot of choppy price action. It's possible that it may drop below the 1900 level if the market breaks below the 1980 support level. I think that the 1900 level will continue to be a significant area of interest, and a break below that level would turn the market bearish.
Since it's quite obvious that there will still be a lot of difficulty ahead for traders trying to predict whether or not central banks around the world will continue to be as tight as they say they will be, I believe you should probably trade this market from a short-term perspective.
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Note
The gold market formed long tailed at daily timeframe and probbaly the market will retest the 50 % of the bar. The market most reacted zone is at 20325-2030. Price action made 2 impulse move from the resistance and it is making lower swing highs and even though the lows are at the same level that show that bears are pushing price down. I think gold might go down again if price rolls back to the resistance zone then fall from it. My goal is support at 2002
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