Long

Lingrid | GOLD Weekly ANALYSIS: Hitting Another ALL-TIME High

Updated

market started the week by pulling back, but then showed signs of strength after the rate cut. I think the 2550 level is a key support level; as long as the price remains above it and I believe gold possibly can move significantly higher next weeks, and 2700 is a realistic target if we have some healthy correction in the market. The recent rate cut by the FED and global trend toward lower interest rates favor gold pushing the gold to higher level .

On the daily timeframe, the market has closed above the 2600 psychological level, reaching an all-time high. Currently, the price action has established a weekly range, indicating that the market may consolidate within this range next week. The last weekly candle though suggests that the market could reach the next psychological level at 2700 if it manages to close above the previous week's high (PWH).

Additionally, on the 4H timeframe, the market has formed an equal lows, indicating a possibility that it may temporarily drop below this level to take liquidity, which would mean moving below the 2600 support level. Overall, I expect short-term pullbacks as potential buying opportunities at levels that provide strong support. While the trend is clearly bullish, it’s important to remain patient and wait for pullbacks to identify favorable entry points.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

Trade active

The gold market moved above the Friday high but pulled back below it, which may indicate a potential pullback. It's likely that the price could retest the previous day's low or the 50% retracement level of the previous week's range. On the 1H chart, the price action has formed a bearish divergence, signaling the possibility of a pullback. If the price retests the 2600 level and the zone below it, it will be crucial to look for a rejection signal. If a rejection occurs, it could indicate a continuation of the bullish trend from that point. My target is resistance zone around 2650

Trade active

The market is showing signs of deceleration, characterized by short higher highs, while indicators are pointing to a bearish divergence. This divergence suggests that the momentum could be waning and hints at a potential pullback. Given the upcoming news, there is an increased chance that the market may react negatively, leading to downward movement. Even though the overall trend remains bullish, it might not be wise to enter long positions at this level now. The doji candle observed on Monday reflects indecision in the market, and there is a possibility that the price could break below the previous day's low. I expect the market to pull back towards the 2600 support area, where we can look for a rejection candle. My target resistance around 2648

Lingrid

📚The BEST Trading Course: t.me/lingrid
💰FREE FOREX signals in Telegram: bit.ly/3F4mrMi
🚀FREE CRYPTO signals in Telegram: bit.ly/3J4aRVE
🏆TOP Broker: lingridedu.com/brokerFXPro
🌎WebSite: lingrid.org

Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.