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Lingrid | GOLD Weekly Price Action FORECAST

Updated

Gold rallied slightly during the trading week, breaking well past the 1950 level, and looks like the market could retest the 1975 level, possibly the 2000 level as well. Gold rebounded from the 61.8% Fibonacci and 1900 psychological levels. At the same time, the market looks as if it could go up because the US dollar is another signal that gold could rise higher. Given the price action, I think eventually gold will likely test the 2,000 level, which is long term if the price remains above the 1950 level. On the daily chart we have 2 doji candles, suggesting that with the indecision in the market, we can expect some pullback.

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 heading toward the support level, as I forecasted in my last posts. The price updated higher highs and higher lows. The market might pullback to support levels because it has entered the range zone. As you can see, it ranged between 1970 and 1940 levels. If the bears manage to pull price back to the support level at 1940–1943, which is approximately 1/3 of the recent bullish move, then we look for entry signals from it in anticipation of continued range in the zone. My first target is going to be the previous high at 1960, and my second target is at 1970 in case price action shows strength at resistance.

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