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Lingrid | GOLD Weekly Price Action ANALYSIS

Updated

The week ended bullish, although it closed lower than the previous week. This suggests that next trading week perhaps we may see some bullish moves to test the 2000 key level. It is worth noting that the dollar index is approaching the 50% retracement level. Next week I expect a mostly sideways market that could go up or down. If you look at the chart the price has entered the range area. I believe gold will try to capture liquidity above this range zone or the key 2000 level, which could lead to a pullback. This resistance has been strong as it has previously triggered momentum moves. From there, the market could go down, pushing off the resistance at the level and test the lower border of the range area.

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 heading towards main resistance at 2000. The gold might pull back down from the resistanace zone and channel border because rebounded from this level before and the market overall is ranging. So basically the the resistance zone is upper border of the range. If the market tests the strong level at 2000 and rejects it, potentially it can lead to some bearish move. I expect short term pullback from the resistance zone. My target is the support level at 1966.

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