GOLD Weekly Recap & Outlook (Week 31 | July 28 – Aug 01)

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📈 GOLD

Timeframe: 30m | MJTrading View

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🔹 Weekly Performance
• Open: 3,320.06
• High: 3,363.63
• Low: 3,268.05
• Close: 3,363.05

Gold delivered a classic Smart Money move this week: liquidity sweep, structural shift, and bullish expansion.

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🔹 Price Action Breakdown

1️⃣ Early Week: Bearish Continuation
• Price opened around 3,320 with a gap and extended last week’s bearish leg.
• Formed lower lows (LL) and a bearish flag, signaling continuation.


2️⃣Midweek: Liquidity Grab, Reversal Point and
• Last Bearish leg marks the exhaustion gap and stop run.
• Market printed a liquidity sweep below 3,310 then 3,280 (weekly low), trapping late sellers.
• Smart Money likely absorbed sell-side liquidity before initiating the reversal leg.
• This aligns perfectly with SMC principles: sweep → accumulation → expansion.

3️⃣ Late Week Rally
• Following NFP & Unemployment Rate news, price broke 3,333 and rallied strongly to 3,363.63 confirming a Bullish Market Structure Shift (MSS).
• Resistance turned into support, validating the accumulation phase.
• Price rallied strongly to 3,363.63,.
• The weekly candle flipped bullish, closing near the high, with Smart Money leaving a clear footprint of accumulation and expansion.

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🎯 Key Levels & Outlook
• Support: 3,355 → 3,333 - 3,340
• Resistance: 3,377 → 3,380+
• Bias: Bullish above 3,333.
• Watch for liquidity sweeps of intraday lows to catch new long entries, targeting 3420-3440.

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💡 MJTrading View:
A structural shift and weekly strong close confirms bullish intent into next week.
As long as 3,333 holds, dips are buying opportunities.

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Fortnight Overview:


Psychology Always Matters:

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