Lingrid | GOLD Weekly PRICE ACTION Outlook

18 thg 8XAUUSD surged to a new all-time high on Friday, breaking through previous resistance zones. The price reached 2,508 and closed with a huge bullish candle, signaling the continuation of the upward trend. This strong momentum suggests that further gains are likely for the upcoming week.

On the two-week timeframe, there's a clear break and close above the July high, suggesting further extension toward the 2,550 resistance level, particularly since the inside bar pattern has been activated. On the daily timeframe, the market has also broken and closed above the triangle pattern, which is a classic trend continuation setup. The price action appears to be forming an AB = CD movement, with the D point projected around the 2,550 level.


Several factors suggest that the gold market could continue to rise up to 3000. Central banks around the world are increasing their gold purchases, and with interest rates beginning to decline, gold is becoming more attractive to investors. Additionally, ongoing geopolitical tensions and economic uncertainties further support this bullish outlook. Therefore, any short-term pullbacks present attractive buying opportunities for traders.


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

19 thg 8

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The price perfectly fulfilled my last idea from Friday. It hit the TP. After hitting the target, the market surged, reaching the key resistance zone above 2500. I believe the market may now form either a range zone or a doji candle on the daily timeframe as it takes a pause following the recent upward momentum. I anticipate a pullback toward the support level below the round number, followed by a bounce. We should look for buying signals around the 50% retracement level of the previous daily range. My goal is the resistance zone around 2550.

20 thg 8

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Gold has been consolidating around the key level at 2500, and it recently broke through a smaller consolidation zone. Currently, it is trading above an upward trendline, which has acted as both support and resistance in the past. If the price drops below this trendline, we could see a deeper correction in the market. However, if the market pulls back to the support level at 2500, this could present a trend trading opportunity to go long. It's important to remain cautious, as there are high-impact news events on the horizon that could push the price down to the 2470 level. Overall, I anticipate a continuation of the bullish move, but keep an eye on those key levels and news events. My target is resistance at 2548

21 thg 8

Bình luận

Waiting Pullback|

21 thg 8

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Active

22 thg 8

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The market continues to consolidate after bouncing off the resistance zone. The price action has formed a downward channel, indicating a pullback. On the daily timeframe, we've observed the creation of an inside bar, signaling indecision in the market. However, with high-impact news scheduled for today, I anticipate a breakout above or below the previous day's high or low. The ideal scenario would involve a fake breakout of Monday's low, followed by a continuation of the prevailing trend. Nonetheless, I expect the market to ultimately push upward. My target is resistance zone around 2532