Lingrid | GOLD weekly market PREVIEW
Updated
During the trading week, the gold price fell significantly and tested the range between 1940 and 1950. Looking at the chart, it is clear that gold formed a "triple top" close to the significant resistance area between 2050 and 2070.
There will probably still be a lot of noise in the market. Every time gold fell, buyers pushed the price even higher. Despite this, it's likely that volatility will continue to play a significant role in this market.
The dollar deserves particular attention because it appears that the unfavorable correlation has gotten worse recently. The general strengthening of the dollar could be challenging for gold.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
There will probably still be a lot of noise in the market. Every time gold fell, buyers pushed the price even higher. Despite this, it's likely that volatility will continue to play a significant role in this market.
The dollar deserves particular attention because it appears that the unfavorable correlation has gotten worse recently. The general strengthening of the dollar could be challenging for gold.
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 is retesting the support potentially forming a double bottom. Price action in the range zone after impulse leg down. Price action is testing the daily upward trendline which means it might remain the range zone for some time for accumulation before breaking it. So if the market restests the swing level that was created at 1956 -1957 zone then I look forward for selling trades. My goal is the support level around at 1941
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