Lingrid | GOLD weekly FORECAST
Updated
Gold has had a challenging week, falling significantly as it broke through psychological support in 2000. The 1950 level, then the 1900 level, should provide a support area. In such a case, I believe it is approaching a zone where caution is needed. We might see a much greater drop if it drops below the 1900 level.
The resistance area we just pulled back from recently has served as strong resistance several times before. The truth is that the market has been very persistent, so we could see a scenario where the market reverses, tries to gain momentum for a breakout, and finds liquidity below the 1950 support. Nevertheless, the candle that developed over the course of the week is quite bearish, as is the monthly candle, which is forming a long-tailed bar right at the resistance zone, so I think more bearish pressure is conceivable.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
The resistance area we just pulled back from recently has served as strong resistance several times before. The truth is that the market has been very persistent, so we could see a scenario where the market reverses, tries to gain momentum for a breakout, and finds liquidity below the 1950 support. Nevertheless, the candle that developed over the course of the week is quite bearish, as is the monthly candle, which is forming a long-tailed bar right at the resistance zone, so I think more bearish pressure is conceivable.
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 retraced to the strong resistance zone at 1985-1986. The price bounced off this zone couple of times before. The market might go down to retest the support level. If the price rejects the resistance zone by forming a long tailed bar or engulfing candle then gold probably will restest the support level at 1955-1960. My goal is the support level around 1965
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