We had another bullish week, marking the third consecutive week of gains. 
XAUUSD market dropped and tested Tuesday's low, with the weekly candle closing near the 50% weekly range. Despite this, we still have a bullish candle and a higher close above the previous week's high level, demonstrating market dominance. This week, the market cleared above the 3000 level, and the chance of further upward movement seems quite high next week, especially if the market gaps up at the opening.
On the daily timeframe, Friday's candle is bearish; however, it recovered by rebounding and closed near the 50% mark of Friday's range as well. Looking at the price action, the recent pullback is similar to what we saw at the beginning of this month, where price made a 1.70% pullback before continuing to push higher. This time we have a 1.90% pullback, suggesting continuation is expected. We have high-impact news that will influence the price, therefore we should stay vigilant. I think gold could be volatile next week; however, every pullback might present an opportunity to go long as well.
XAUUSD market dropped and tested Tuesday's low, with the weekly candle closing near the 50% weekly range. Despite this, we still have a bullish candle and a higher close above the previous week's high level, demonstrating market dominance. This week, the market cleared above the 3000 level, and the chance of further upward movement seems quite high next week, especially if the market gaps up at the opening.On the daily timeframe, Friday's candle is bearish; however, it recovered by rebounding and closed near the 50% mark of Friday's range as well. Looking at the price action, the recent pullback is similar to what we saw at the beginning of this month, where price made a 1.70% pullback before continuing to push higher. This time we have a 1.90% pullback, suggesting continuation is expected. We have high-impact news that will influence the price, therefore we should stay vigilant. I think gold could be volatile next week; however, every pullback might present an opportunity to go long as well.
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The market is currently trading within Friday's range and is likely to remain sideways until a breakout occurs. It has reached the key level at 3030, with the potential to push higher towards the all-time high. However, there is still a possibility for the price to move lower due to upcoming high-impact news. If the market rejects the key support level at 3000, which coincides with previous week's high and the upward trendline, we can look for buy signals. It appears that the price is forming an inside pattern on the daily timeframe, suggesting a contraction that may lead to an expansion scenario. My mid term goal is resistance zone around 3070
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💰FREE FOREX signals in Telegram: bit.ly/3F4mrMi
🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid
🌎WebSite: lingrid.org
🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid
🌎WebSite: lingrid.org
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.