Lingrid | GOLD Weekly Technical Analysis
Updated
XAUUSD market pulled back and tested the psychological level of 2600, but it quickly bounced back, regaining strength and forming a long-tailed bar on the weekly chart. This suggests the potential for continued upward movement. The buying pressure demonstrates that gold remains attractive to bulls, supported by central bank and ongoing geopolitical concerns also pushes the market higher.On the daily timeframe, the market formed a flag pattern that played out effectively, resulting in the creation of the long-tailed bar as it took liquidity below the previous week's low. Last weekly candle indicates that the price may rise toward the 2700 - 2720 range, representing a potential 2% increase, if it can break and close above the previous weekly high. Currently, the 2630 level holds significant importance, having been tested numerous times; it was broken by a huge bearish candle then by a bullish one.
Despite some fluctuations in the market, demand for gold remains solid. While there may be some sideways movement after 3 consecutive bullish months, there are no indications of a drop to lower levels. A significant trend reversal would likely require a drop below the 2550 level. Overall, I anticipate that the price to climb higher, at least towards the all-time high level.
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The price gapped down early Monday morning but quickly filled that gap. With no high-impact news scheduled for today, it’s likely that the price will continue to move sideways, especially considering that the recent price action created a false breakout above Friday's high. Therefore I anticipate a potential retest of the support level around 2630, as historical price action shows this level has been tested multiple times. If we get a rejection at this level, we can expect a continuation of the current trend toward the next target at 2700. My goal is resistace zone around 2680
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