Lingrid | GOLD Weekly Market Preview
Updated
During the trading week, after the news release, gold went up to the resistance zone, then fell, forming the long-tailed bar. The week also ended with a large candle with a long-tailed bar rejecting the weekly highs. The market on the daily timeframe is forming a potential triangle pattern. This suggests that we might see a bounce off the triangle border next week. Additionally, we have equal highs; resistance tests.
The dollar index is rising. On the monthly timeframe, it bounced off the swing zone and headed toward the resistance zone. Next week, I expect mostly possible sideways moves in the triangle formation; both can go up and down. However, the lower timeframes look rather bearish.
The dollar index is rising. On the monthly timeframe, it bounced off the swing zone and headed toward the resistance zone. Next week, I expect mostly possible sideways moves in the triangle formation; both can go up and down. However, the lower timeframes look rather bearish.
Note
The market formed a long-tailed bar at the resistance. On the 1H timeframe, we have resistance rejection as well. I look forward to testing the resistance zone and rolling back towards the support level. If you look at how it reacted, you will see that gold went down after forming the double top, and it already tested the resistance twice, so let's see how it goes. My goal is to support 1914
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