Lingrid | GOLD Weekly Price ACTION Preview

The gold bounced off the support level and broke the key level at 1900. On the 1H timeframe, it quickly retested the support and pulled back. On the daily timeframe, though, we have 2 doji candles showing indecision in the market. However, on the weekly timeframe, we have a tweezer bottom setup, which suggests that the market may go higher from the support levels. This signal is usually a bullish sign, so I think the bulls do not want the price to go below 1900. Also, there is a lot of doubt about the global economy, and that could be another catalyst for the bullishness. I think the next week is more likely to be up than down. However, if the market fails to break the resistance and falls lower, then the road to the 1800 level will be open, because in order to go down, it must first go up, and vice versa.

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The market made a first impulse move up, and now it's ranging. Price quickly pulled back to support and returned. We can see a support level at 1905–1910, and the price bounced off this level before. Most likely, the price will find support at the 1909–1910 zone. If the market rejects the level, it may make the second impulse leg up, potentially reaching the 1935–1940 resistance zone. This week is quite busy with news, so the market may be volatile. My first long term target at 1935 resistance if the market remain above the 1905 support