Lingrid | GOLD Weekly Price Action ANALYSIS
Updated
During the week, gold tried to test the 1990 and 2000 resistance levels. The market pulled back from the resistance. If it breaks below the lower boundary of the daily candlestick, it could fall to the lows of the psychological 1900 level. If gold bounces off the support, it may go above the 2000 level.
The market may be in a corridor because the trading range that was formed from 1940 to 1985 is on the left. If the support does not hold, we may fall to the 1940 range and then look for buying opportunities from there. It is worth noting that the Dollar Index made a low and then retraced. Now it is near the resistance zone.
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The market may be in a corridor because the trading range that was formed from 1940 to 1985 is on the left. If the support does not hold, we may fall to the 1940 range and then look for buying opportunities from there. It is worth noting that the Dollar Index made a low and then retraced. Now it is near the resistance zone.
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 gold market double bottomed on the 1H timeframe. The price has rejected the channel border and support level. I think the market might make an extension up and test the level at which the price most reacted. On the left, price action formed a range zone, and the price is below the border of the range at 1963.50. If the price fixes above the level by breaking it then most likely it will continue trending upwards. My goal is the resistance at 1971.500.
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