Lingrid | GOLD Weekly MARKET Analysis

market remains strongly bullish as we have now reached the psychological level at 3000. The price has broke and closed above the previous resistance zone around the 2955 level, indicating that this area holds significant importance for the market. This suggests that, should the price retest this zone, there is a high likelihood of a bounce.

However, on the daily timeframe, the picture becomes slightly concerning. The price tested the global upward trendline and then closed below it. Historically, after each test of this level, the price has formed a pullback, so we may see a correction in the market this time as well. Given the current strong interest in gold—mainly due to global geopolitical concerns and ongoing tariff wars—the market may only experience a minimal retracement. Overall, any pullback at this stage could present a buying opportunity in anticipation of trend continuation.

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The price gapped up early this morning, and on the 1H timeframe, the market is forming a triangle pattern which is trend continuation pattern. Meanwhile, the daily timeframe shows long-tailed bar, suggesting a potential retest of the support zone between 2950 and 2960. I think after bullish momentum the price is likely to move sideways before pushing higher, as it is currently trading below 3000. Another possibility is the formation of a bullish flag pattern which also would give greate chance to buy. With high-impact news expected in today's New York session, we may see a dip below the Friday low that could present an opportunity to go long. My goal is resistance zone around 3030

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