Lingrid | GOLD Weekly PRE-MARKET ANALYSIS
Updated
As May closed with a long-tailed monthly candle, it's now clear that we have two consecutive long-tailed candles, which strongly suggests that the 
XAUUSD is struggling to stay above the key resistance level of 2400. This pattern is a significant indication that the market is likely to continue its downward trend. Furthermore, considering the seasonality indicator, which indicates that June is typically a bearish month, we can expect a bearish move in the near future. This combination of technical and seasonal analysis suggests that we should be cautious and prepared for a potential decline.
When we take a step back and zoom out, it's clear that the gold market is consolidating within a larger range zone. As we speak, the market is trending towards the lower end of this range. On the 4H chart, we can see that the market recently completed an impulse leg down, followed by a pause that lasted for week. This pattern suggests that there's a high likelihood that we'll see a second impulse leg develop in the near future.
I believe that the market may experience a prolonged consolidation period around the 2300 level before the underlying trend becomes apparent. On the daily timeframe, we may see a broadening triangle formation developing, which could be a sign of the upcoming consolidation. However, it's essential to remember that no one can predict with certainty what will happen next. As such, we must remain vigilant and adapt our approach as new information arises.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
XAUUSD is struggling to stay above the key resistance level of 2400. This pattern is a significant indication that the market is likely to continue its downward trend. Furthermore, considering the seasonality indicator, which indicates that June is typically a bearish month, we can expect a bearish move in the near future. This combination of technical and seasonal analysis suggests that we should be cautious and prepared for a potential decline.When we take a step back and zoom out, it's clear that the gold market is consolidating within a larger range zone. As we speak, the market is trending towards the lower end of this range. On the 4H chart, we can see that the market recently completed an impulse leg down, followed by a pause that lasted for week. This pattern suggests that there's a high likelihood that we'll see a second impulse leg develop in the near future.
I believe that the market may experience a prolonged consolidation period around the 2300 level before the underlying trend becomes apparent. On the daily timeframe, we may see a broadening triangle formation developing, which could be a sign of the upcoming consolidation. However, it's essential to remember that no one can predict with certainty what will happen next. As such, we must remain vigilant and adapt our approach as new information arises.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Note
After breaking the previous week's low, the market is now pulling back towards the range zone, signaling a correction against the current bearish trend. With high-impact news on the horizon, the price is poised to move in any direction, but I believe it may continue to trend downwards if the DXY index rises. If the market fails to push higher at the resistance zone between 2330 and 2340, we can expect a rebound from this point, potentially leading to a retest of the support level and channel border. My goal is the support level of around 2290
Note
The price perfectly fulfilled my last idea. It reached the entry zone. The price has pulled back towards the resistance zone and channel border, specifically testing the key area at 2350. Notably, the price action has consistently made lower lows and lower closes, indicating a strong bearish trend. As the market has formed a rejection candle at the resistance level, I anticipate a potential move lower levels. With this bearish momentum in place, I expect the trend to continue, potentially targeting the psychologically significant level of 2300. My target on 1H is the support level around 2316.80
Trade closed: target reached
Target on 1H chart hit
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