Lingrid | GOLD Weekly Market Technical Analysis for OANDA:XAUUSD by Lingrid

Lingrid | GOLD Weekly Market Technical Analysis

yesterday

market closed above the November high. On the weekly timeframe, we see four bullish candles, with last week showing acceleration as the price approached the resistance zone. When testing this zone, the price did not react sharply, indicating that sellers may not be ready to act in this area.

On the weekly chart, we have a strong close with a bullish candle with small wicks. However, the daily timeframe presents a slightly different picture: the price tested the resistance zone and then pulled back, forming a tail on the daily candle which suggests a potential shor term roll back. Nevertheless, it failed to close below the November low, demonstrating bullish strength.

With the Federal Funds Rate decision scheduled for next week, the market may move sideways at this level until Wednesday. It appears that the price has reached this level in preparation for a potential move either up or down, depending on the economic data that is released. Overall, I expect the market to trend higher following this pullback.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

4 hours ago

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The price dropped at the start of the week, but the market made a solid rebound off the support zone I highlighted yesterday. The price initially took liquidity below last Friday's low before bouncing back. If this momentum continues, the market may target the psychological level at 2800, moving above the AHT level. At this point, the market could either continue upward or form an ABCD pullback toward Thursday's low. Overall, I expect the market to move higher, retesting the recent resistance zone and potentially reaching the 2800 level above. My goal is resistance zone around 2797.50

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