Gold-XAUUSD Weekly Long term Outlook
Gold/XAUUSD:
Gold officially breached the key level of 2000, signaling a potential downtrend. The recent formation of a strong resistance around the 2040-2050 resistance range further strengthens this bearish outlook.
Our initial target for this downward move was set at 1950, a critical support level that holds significant importance in the market. Should Gold break below 1950, we can anticipate a continuation of the decline towards subsequent supports at 1942 » 1938 » 1900 » 1880 » 1850.
For bullish moves we can look for a break and close above 1980 for a move to 1985 » 1990 » 1998. A break above 2000 will signal continuation of bullish pressure to retest previous structure highs.
A strong rejection around 1998-1994 will signal a downward move towards the targets shared above.
In the event that the bears exert enough pressure to push Gold towards the 1800-1850 range, We will be on the lookout for potential higher lows, providing an opportunity to enter long positions with the aim of harvesting from the subsequent rise back towards resistance levels at 1900, 1950, and ultimately 2000.
Our initial target for this downward move was set at 1950, a critical support level that holds significant importance in the market. Should Gold break below 1950, we can anticipate a continuation of the decline towards subsequent supports at 1942 » 1938 » 1900 » 1880 » 1850.
For bullish moves we can look for a break and close above 1980 for a move to 1985 » 1990 » 1998. A break above 2000 will signal continuation of bullish pressure to retest previous structure highs.
A strong rejection around 1998-1994 will signal a downward move towards the targets shared above.
In the event that the bears exert enough pressure to push Gold towards the 1800-1850 range, We will be on the lookout for potential higher lows, providing an opportunity to enter long positions with the aim of harvesting from the subsequent rise back towards resistance levels at 1900, 1950, and ultimately 2000.