Here is the market outlook on Gold (XAUUSD) for the coming week from 15th of April to 19th of April. It is a clearly projection of what is mostly likely to happen on gold next week.
ANALYSIS:
In monthly timeframe there is still a clear bullish momentum keeping on holding for two months consecutively. Even if there is ongoing rejection in April candlestick but there are 17 days remining for the monthly candlestick to close. Therefore, anything can happen in monthly perspective. For a possible diagonal formation idea, we see price has reversed right on the upper channel of the diagonal, this deliver a message of a possible retracement from the current price.
In weekly timeframe price has completed the final leg of the second three price swing to the upside. A clear rejection has formed on closing of the weekly candlestick, this a clear picture a possible beginning of formation of wave four of a diagonal.
In daily timeframe price has respected an expanding diagonal as projected in previous weekend analysis. Like in weekly timeframe, Friday candlestick has demonstrated a clear rejection from the upside, this is a clear indicator of a possible beginning of a bearish momentum in this timeframe.
In four hour timeframe price had demonstrated a strong bearish momentum on Friday. Price has still remained inside the expanding channel. Since this level has been respected several times from the past price can bounce again or break the level to the downside.
PRIMARY PROJECTION:
Consider sells when price break and retest the 2230 level targeting the lower channel of the expanding channel in this timeframe.
ALTERNATIVE PROJECTION:
Consider short term buys when price bounce to the lower channel of the expending flat with targets not beyond the highest price level reached this week.
ANALYSIS:
In monthly timeframe there is still a clear bullish momentum keeping on holding for two months consecutively. Even if there is ongoing rejection in April candlestick but there are 17 days remining for the monthly candlestick to close. Therefore, anything can happen in monthly perspective. For a possible diagonal formation idea, we see price has reversed right on the upper channel of the diagonal, this deliver a message of a possible retracement from the current price.
In weekly timeframe price has completed the final leg of the second three price swing to the upside. A clear rejection has formed on closing of the weekly candlestick, this a clear picture a possible beginning of formation of wave four of a diagonal.
In daily timeframe price has respected an expanding diagonal as projected in previous weekend analysis. Like in weekly timeframe, Friday candlestick has demonstrated a clear rejection from the upside, this is a clear indicator of a possible beginning of a bearish momentum in this timeframe.
In four hour timeframe price had demonstrated a strong bearish momentum on Friday. Price has still remained inside the expanding channel. Since this level has been respected several times from the past price can bounce again or break the level to the downside.
PRIMARY PROJECTION:
Consider sells when price break and retest the 2230 level targeting the lower channel of the expanding channel in this timeframe.
ALTERNATIVE PROJECTION:
Consider short term buys when price bounce to the lower channel of the expending flat with targets not beyond the highest price level reached this week.