Lingrid | Gold Weekly Market Outlook: Ongoing Consolidation

29 בדצמ׳ 2024

XAUUSD market spent another week in the consolidation zone, oscillating between key levels before bouncing off 2630 and pulling back. During the holiday-shortened week, trading volume was naturally reduced, and the market is now testing a crucial support level. The current market structure suggests a slightly bearish sentiment, particularly after breaking and closing below the previous higher low at 2605 last week.

On the weekly timeframe, price action formed another doji candle, suggesting a potential breakout from either its high or low next week. Price continues to trade within the previous week's range between 2585 and 2665. The final monthly candle of 2024 may close as a bearish candle with a long tail, indicating the possibility of a deeper pullback.

With relatively few high-impact news next week, the market is likely to continue moving sideways for the next couple of weeks. We can expect increased market noise until we see a clear trend. However, if price breaks below the previous support at 2585, the price may drop to 2500. While the long-term uptrend remains intact, the market appears poised for a continued pullback in the short term.

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

30 בדצמ׳ 2024

עסקה פעילה

The price has bounced off resistance and is slowly moving downward, which could indicate the beginning of a bearish flag pattern. The market has rejected this level, similar to previous instances. On the 1H timeframe, the price has broken and closed below the previous higher low (HL) and the upward trendline. I anticipate that the market may continue falling toward the support level, with an expectation that it will at least retest the support level around 2,600. The price is currently testing last week's low, and if it breaks through that level, it could trigger increased selling pressure. My goal is support level around 2588