Lingrid | GOLD Market CONTINUES to RALLY

The XAUUSD market rallied again in the trading week, showing a lot of momentum movements. On the weekly timeframe, gold showed three consecutive bullish candles in a row without any pullbacks. A pullback should represent a good buying opportunity. However, the last weekly candle closed, forming a long-tailed bar, which means there was bearish pressure. I think we're going to have sideways moves, followed by a continuation of the current trend up to the next key resistance zone at 2500. On the daily timeframe, we have pretty much the same picture. The last day was as bearish as a candle on the weekly.

Considering that there are many geopolitical tensions that could push this market much higher, I expect short-term pullbacks to continue to be bought from support levels. Tomorrow, we might see some gaps in the market. If the market gaps upside, the price can go straight upwards. 

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

Comment:

The market did not open with a gap. The price is pulling back to support after retesting the level at 2400. XAUUSD is forming a complex pullback. The price is trading inside the previous week's range zone. And if it approaches a buy zone, we can look for confirmations to buy the market. Basically, I expect a pullback to support the level at which PWL and then a bullish move toward the resistance zone if we get a signal in the form of a rejection candle. My goal is the resistance zone around 2410.

Comment:

The gold market is trading within the previous week's range zone. As you can see, XAUUSD formed a range zone and moved higher, so we decided to retest it. We have a similar situation where we have a smaller range and the price is currently testing the top of the range zone. I think the market might bounce off the middle zone. I expect an overall sideways move until the price breaks through the weekly highs or lows. Today we have news that could push the price further upwards. My target is the key resistance level at 2400.