Lingrid | GOLD weekly market FORECAST
Updated
During the trading week, gold markets made a small rally, breaking above the 2000 level, but it soon changed trend and began show indecision by forming range zone. it's also important to point out that a few shooting stars have formed, so I think that the gold market is a bit more optimistic right now.
We have to closely monitor how the market responds to not only the interest rate hike but also to the statement and the press conference that will follow. The Federal Reserve meeting on Wednesday may be the largest driver of where the market will go next. Clearly, the market is highly bullish right now. The likelihood of a move to the 2100 level, which could then create the possibility of an even bigger move, would increase if the trend changed and broke above the top of the shooting star. In any case, given that gold has been so strong over the past few months for several obvious reasons, I don't think shorting it makes sense now.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
We have to closely monitor how the market responds to not only the interest rate hike but also to the statement and the press conference that will follow. The Federal Reserve meeting on Wednesday may be the largest driver of where the market will go next. Clearly, the market is highly bullish right now. The likelihood of a move to the 2100 level, which could then create the possibility of an even bigger move, would increase if the trend changed and broke above the top of the shooting star. In any case, given that gold has been so strong over the past few months for several obvious reasons, I don't think shorting it makes sense now.
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 price pulled back from the support and hit the target zone. Gold remains below the the psychological resistance at 2000. I think the market will range around this 2000 mark. Price action reached the support level where we can see a lot price was rejected many times; a lot of candle wicks. The market might go up again from the support range 1973-1976 if the upcoming news doesn't change the market trend. My target at resistance around 1997-1998
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