Lingrid | GOLD weekly OUTLOOK

25 jun 2023

Gold fell significantly during the trading week, breaking through the low of the previous week's candle. The end result is that it has been bullish for quite some time, but if it reverses and shows signs of support it might be able to go higher, maybe even to the 1,950 level, and maybe even higher.

However, if the gold breaks below the candlestick base, there might be a bigger move down from that level, maybe to 1800. The bulls had a very long time defending the level of 1940, if you look at the daily chart. A break-down of that level, which was a support, acts as a resistance. If the price goes higher, the consolidation zone will act as a strong resistance.


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

26 jun 2023

Nota

The market rejected the resistance, then made an impulse leg down. The price broke and fixed below the range. I think the market might go down to retest the support from the resistance and channel's border. If the price rejects the resistance zone at 1940-1945. The price has already formed a tailed bar sign of rejection and on the daily price fixed below the range. My goal is the previous support level at 1910