Lingrid | GOLD Weekly MARKET OUTLOOK

XAUUSD market is currently forming a triangle pattern, indicating a range-bound market. On the daily timeframe, the price remains within the range established on June 7, suggesting that a continuation of this sideways movement is possible. Following a last sell-off, I believe the market may remain range-bound, squeezed within the triangle shape, before surging upwards due to the underlying bullish trend. The price has returned to the consolidating zone, which could indicate that the market will continue trading within this range next week.

Note that this time, the bearish move was less intense compared to previous ones, but the recent bullish move was stronger. However, if the price breaks and closes below the triangle pattern, we can expect lower prices to follow. Conversely, if the market moves above the pattern, we can anticipate further upward momentum. Overall, I expect a sideways move until a clear trend emerges.


Traders, if you like this idea or have your own opinion on this matter, write in the comments. I will be glad 👩‍💻

הערה:

The recent sell-off in XAUUSD has brought the price back to the range zone. At this point, it's likely that the market will enter a sideways phase until significant new news emerges. I expect the market to consolidate today. I think, the market will retest the resistance zone at 2350, which is also the upper border of the triangle pattern I mentioned earlier. If we see rejection at the psychological level below 2300, there is a high likelihood of a bullish move. However, if the market continues to decline, the next significant support level will be at 2280. My target is resistance zone at 2347.

הערה:

The gold market remains within the consolidation zone, and it appears that the market is awaiting the upcoming news release, which is likely to trigger a wave of orders that will increase volatility. Currently, the market is testing the top of the consolidation zone, and an ideal scenario would be a fake breakout of the small range zone, followed by a channel breakout to the upside. This would set the stage for a potential upward move from the bottom of the range. I expect the price to break out of its current consolidation zone and begin an upward trajectory if confirmation is received. My target is the resistance zone at 2350.

הערה:

After losing momentum following the bearish impulse move, the gold market has formed a bullish divergence as it approaches the support level. I think the market may be poised to move upward to the top of the consolidation zone. On the 4H chart, a long-tailed bar has formed, indicating buying pressure. If we take a look at the daily timeframe, we'll see that the price has taken out liquidity below the last three days' lows. This could be a bullish sign that may propel the market upward. I expect the market to slowly move upward, retesting the resistance between 2340 and 2350. My target is resistance at 2345.