Lingrid | GOLD Weekly Market Outlook: Price Hit All-Time High
Updated
This week 
XAUUSD surged to an all-time high, fueled by increasing expectations of a potential interest rate cut from the Federal Reserve. The price rose over 3%, marking its strongest weekly gain since August. This optimism is driven by concerns about inflation and global uncertainty, which have led to expectations of a rate cut aimed at stimulating the economy. The market has now entered a new range between 2550 and 2600, where it may oscillate in anticipation of the Federal Reserve's rate cut decision next week.
Given that we have high-impact news scheduled for next week, especially for Wednesday, I expect the market to consolidate by forming a trend continuation pattern. However, Monday may start with a pullback toward the support level, considering that price action has made a 1-2-3 movement, after which a correction typically occurs. Overall, I will maintain a bullish outlook with the expectation of a short-term pullback. A rate cut by the Federal Reserve would likely boost gold prices further, potentially driving them toward 2600 and even higher. The underlying fundamentals, including inflation concerns and economic uncertainty, support this bullish sentiment, and any signs of a rate cut could reinforce the upward momentum in the market.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
XAUUSD surged to an all-time high, fueled by increasing expectations of a potential interest rate cut from the Federal Reserve. The price rose over 3%, marking its strongest weekly gain since August. This optimism is driven by concerns about inflation and global uncertainty, which have led to expectations of a rate cut aimed at stimulating the economy. The market has now entered a new range between 2550 and 2600, where it may oscillate in anticipation of the Federal Reserve's rate cut decision next week. Given that we have high-impact news scheduled for next week, especially for Wednesday, I expect the market to consolidate by forming a trend continuation pattern. However, Monday may start with a pullback toward the support level, considering that price action has made a 1-2-3 movement, after which a correction typically occurs. Overall, I will maintain a bullish outlook with the expectation of a short-term pullback. A rate cut by the Federal Reserve would likely boost gold prices further, potentially driving them toward 2600 and even higher. The underlying fundamentals, including inflation concerns and economic uncertainty, support this bullish sentiment, and any signs of a rate cut could reinforce the upward momentum in the market.
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 market began the week by pushing to higher levels. However, upon examining the 1H chart, we can observe a bearish divergence, which may suggest a potential pullback in the near term. Additionally, the price action has shown signs of deceleration, characterized by smaller candle sizes, further supporting the idea of a temporary slowdown. With upcoming news events on the horizon, it seems plausible that the market could experience a sideways movement until the news is released. Moreover, the price briefly broke above the previous week's high before retreating back below it, which could signify a false breakout. I expect the market pullback before the continuation of the major trend. My target is resistance around 2605
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The gold market continues to move sideways. However, since the price has decelerated at the resistance zone, I expect a pullback toward the support level, as I mentioned in my previous post. The market has formed a doji candle on the daily timeframe, indicating that it may have run out of steam. This could lead to a break below the previous day's low, pushing the price down toward the support level. I anticipate a pullback followed by a continuation of the current trend if the upcoming news does not push the price further down. My target is resistance zone at 2610
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Today is likely to bring increased volatility to the markets, so it's essential to exercise caution when taking trades. It appears that the market is forming an ABC pullback move from the resistance zone, which could lead to spikes before a clear direction is established. Given the overall bullish trend, we should keep an eye out for buying opportunities during pullbacks. However, we must also remain aware of the possibility that the market could drop below the psychological level at 2500. I still expect the pullback trading opportunity at the support level and upaward trendline. My target is resistance zone at 2604.400
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