Long

Lingrid | GOLD in Consolidation. Weekly Price Action Analysis

Updated

market remains overall bullish; however, recent price action indicates a consolidating trend. The weekly timeframe showed three consecutive three doji candles, highlighting indecision within the market. As a result, it seems logical to anticipate continued consolidation between the 2470 and 2525 levels. On Friday, the market experienced a sharp decline, closing below the psychological level of 2500. Notably, there appears to be accumulation occurring at this level, with the price oscillating back and forth. Looking ahead to next week, I expect the sideways movement to continue within this respected swap zone, especially given the limited economic data catalysts on the horizon.

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

Trade active

The price perfectly fulfilled my last idea. The price action is currently in a consolidation zone, moving towards the bottom of this range. This is a critical area where we should be looking for signals to take long positions. Notably, this sideways movement is taking the shape of a triangle pattern, indicating that the price action is narrowing. Given the absence of significant news today, I don't expect a massive move; rather, I anticipate a slow bearish drift. This could potentially result in divergence, followed by a rebound as the price approaches the lower boundary of the consolidation zone. My target is resistance zone at 2522

Trade active

The market continues to move sideways and has recently crossed above the psychological level of 2500. In this consolidation zone, it has formed a higher low, allowing us to draw an upward trendline. The market has closed above a level where we previously saw several rebounds, suggesting the potential for further upward movement toward the top of the range. I anticipate that the sideways move will continue until tomorrow, especially since there is very little high-impact news today that is likely to influence the price significantly. My target is resistance at 2520

Trade closed: target reached

It reached 2520

Lingrid

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