Lingrid | GOLD Weekly Price Forecast
Updated
The gold market had a week of sharp declines before beginning to show indications of strength. The price appears to be stuck in a range because the support level has been held. Of fact, the gold market continues to be an instrument for asset preservation that influences the price. Additionally, monetary policy is being tightened by central banks worldwide. Fake breakout of the range additional sign that the market might move up.
Bearish scenario is that the market might drop below the 1900 level if gold breaks below the lower long tailed daily bar. Given everything being equal, I believe this is a circumstance where a lot of volatility will continue to exist. Furthermore, adding fuel to the fire is the fact that the value of the U.S. dollar is beginning to decline.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Bearish scenario is that the market might drop below the 1900 level if gold breaks below the lower long tailed daily bar. Given everything being equal, I believe this is a circumstance where a lot of volatility will continue to exist. Furthermore, adding fuel to the fire is the fact that the value of the U.S. dollar is beginning to decline.
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 price perfectly fulfills my last idea. The gold market keeps bouncing off the support and resistance zone in the range zone. Gold made fake break of the support and created fakey setup with long tailed bullish bar. It is definitely a bullish sign. The market probably took liquidity below the 1940 support because as you can see it formed big bullish candle. Overall the market is still in the range zone and breakout of the it will create a new trend. My long term goal is resistance zone at 1985 1988.
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