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Lingrid | GOLD weekly price action PREVIEW

Updated

The gold markets have risen a little this trading week. The 2000 has psychological significance and has acted as strong support before. Gold may move higher if it can break through that barrier. Additionally, a market decline below the 1900 level is possible if the market breaks below the 1940 level. It might eventually fall to the 1800 level if it breaks through that zone. Given everything being equal, I believe it will take a significant amount of negative economic news for gold to break through each of these support levels. More consolidation is expected to occur, but eventually we should see some sort of impulsive moves that will indicate the market's readiness to move next week, when the Federal Reserve and European Central Bank meetings will take place and there may be a lot of turbulence 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 👩‍💻

Note

The market is still in the range zone. The price rejected the resistance zone by forming long tailed bars. I think it will range until the economic news release. And if it retests the resistance zone before that, the price may go down from it. Price action formed inside the bar formation on the weekly timeframe, and the breakout of the mother bar will determine the next trend. My goal is the support level at 1942.

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