Lingrid | GOLD Weekly Market OUTLOOK
Updated
The gold market tanked during this trading week, as predicted in my weekly post. On the weekly timeframe, the price did not reach the previous week's low. I believe we will see a ranging market in the first half of the week. Then we have a busy days of news that will definitely impact the market. No one knows how it is going to impact the markets. But on the daily timeframe, though, we have a bearish long-tailed bar showing some resistance rejection. The price stopped right at the range zone that formed the last week of August. DXY broke the resistance, and it's heading towards the next one. I think we're going to have some pullback before continuing to go up. So it means we might see some bullish moves on the gold market before trending downward.
Also, the DXY has a negative correlation with gold in most cases. It is important not to forget about interest rates. If interest rates are rising in America, this usually works against gold, and of course the opposite is true. Whether the Federal Reserve will raise interest rates at its next meeting or not, no one knows for sure, but we can expect noisy behavior in this market until then.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Also, the DXY has a negative correlation with gold in most cases. It is important not to forget about interest rates. If interest rates are rising in America, this usually works against gold, and of course the opposite is true. Whether the Federal Reserve will raise interest rates at its next meeting or not, no one knows for sure, but we can expect noisy behavior in this market until then.
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 ranging after the bearish from resistance. The price broke and fixed below strong level at 1930 - 1932. I think the market may go down to the support to retest it if the price make fake break at resistance zone. The resistance at 1930 - 1932 pushed price lower and possibly it will push price again. My goal is to support at around 1910
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