Lingrid | GOLD Weekly Price ACTION Analysis

As I discussed in my previous weekly outlook on XAUUSD , the market took a significant hit after the NFP release in the NY session. The stronger-than-expected jobs report has sparked speculation that the Federal Reserve may not cut interest rates as soon as expected, leading to a pullback in many markets - including Bitcoin. Initially, the gold market ralled, but it struggled to break through the psychological level of 2,400 and subsequently fell below 2,300. On the weekly timeframe, the price action formed a bearish long tail, indicating potential bearish momentum. This pattern is reminiscent of a similar price action we saw last year, where the market declined for several months.

On the daily timeframe, the market appears to have formed a head and shoulders pattern. The neckline of this pattern has recently been broken, coinciding with the 2,300 level. Furthermore, this breakout also occurred on the 4H timeframe, where it marks a breakout of the upward channel. This convergence suggests that the market may be poised for further momentum in the direction of the breakout. If it breaks below 2,280, which is previous month's low; we could see a deeper correction. However, as long as we stay above 2,300, the market is in a consolidation phase between 2,300 and 2,400. A pullback could be acceptable, with a potential target of 2,200. Pay attention to interest rates, which could impact gold prices.

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

코멘트:

The market took a nosedive for after the NFP data broke through the upward channel. The surge in liquidity propelled the price above the range zone, resulting in a lower low. Friday's close was marked by a massive bearish candle, signaling a significant shift in market sentiment. On the weekly chart, a bearish long-tailed bar formed, hinting at a potential move down to 2200. Given the double bottom formation on the 1H chart, I believe the market might retest the resistance and channel border before making a move down to recent support levels. From there, it's likely to break through the key previous month's low, potentially triggering a further decline. I expect the price to continue moving lower, potentially testing April lows. My goal is the support level at around 2255

코멘트:

The market appears to be losing its bearish momentum, a common phenomenon following an intense impulse move that's often followed by a period of consolidation. On the 1H chart, the price has formed a double bottom pattern, followed by an upward pullback. I believe the market is currently in the midst of a two-legged pullback, which is typical after a significant volatile movement. Based on this, I expect the pullback to reach the resistance zone, which has been tested numerous times before. If this zone holds, it's likely that the market will then make a bearish move towards the previous month's low. My goal is the support the level at 2280.

코멘트:

Today's economic calendar is packed with high-impact news, setting the stage for a potentially volatile market. The overall sentiment is leaning bearish. On the 4H chart, the market broke and closed below the upward trendline that has supported price since the beginning of April. This breakdown is a significant development, and I believe it could be a trigger of a downward move. Meanwhile, the DXY has broken the structure resistance and is looking quite bullish, which could be a factor in the market's direction. I'm expecting to see a spike up followed by a drop, so traders should be prepared for a potentially volatile trading session and stay caution. My goal is the support level at around 2270