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Lingrid | GOLD Weekly Market OUTLOOK

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spent the entire week moving sideways. When analyzing the daily timeframe, we see that the candles have formed wicks, indicating a choppy market. The price has not broken out of the previous week's range; instead, it has created an inside bar formation. There is a possibility that the market may remain in this consolidation phase for another week or so.

Typically, after a strong momentum, the market enters a sideways phase, which is what we're currently experiencing following the bullish trend in September. This behavior resembles what we observed earlier In August when the market experienced bullish momentum and then spent the rest of the month consolidating.

I believe the market could move down toward the psychological level at 2600 before bouncing off upward, potentially taking liquidity below the previous week's low. Overall, I expect the trend to continue, especially given the ongoing geopolitical tensions and rate cuts that are favorable for gold.

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

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Without any high-impact news today, the market is likely to remain in a sideways movement until tomorrow. However, there is a possibility that gold may react to sudden developments from the Middle East, which could introduce volatility. Overall, the market appears to be choppy, forming a triangle pattern. If the price moves below the Friday low, this triangle may potentially evolve into a bullish flag pattern. Yet, despite the current sideways action, the market continues to provide bullish signals from both technical and fundamental perspectives. My mid-term target is resistance zone around 2685

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The price is currently pulling back toward the support level. As I mentioned yesterday, the market is forming a bullish flag pattern on the 4H timeframe and on the weekly timeframe though, the price is approaching weekly lows. With no high-impact news today, it’s likely that the price action will continue to move sideways. Over the past week, we have seen the price consistently bounce off the downward trendline. If the price rejects this support level and trendline, we could see the market take off and move to higher levels. My target on the 1H is resistance zone around 2657

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