Lingrid | GOLD Market ANALYSIS: 8-Week RALLY. What's Next?

23 févr.

This week, XAUUSD market was consolidating rather than trending, with momentum only visible on Tuesday. Despite this, the weekly candle closed bullish, marking our eighth consecutive bullish weekly candle. On the daily timeframe, the last three candles are doji candles, showing consolidation around the previous week's high level. This suggests the overall bullish momentum is at least on pause.

The price closed below the previous week's low, a pattern that repeated this week. Despite this, we've formed an all-time high level, and the price action appears to be forming a head and shoulders pattern on the 1H timeframe. However, this pattern could easily transform into a bullish flag pattern if the price reaches the 2950 level.

Given these factors, I believe the market may push to higher levels one last time before a deep correction occurs. If the market reacts positively to the psychological level and upward trendline, there's a strong chance the upward momentum will continue.

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

il y a 7 jours

Transaction en cours

The price has perfectly aligned with my previous forecast from Friday, as the market made an upward move early this morning. Today could potentially form another doji candle on the daily timeframe. Meanwhile, on the 1H timeframe, the price is developing a bullish flag pattern, indicating potential for an upside breakout. I think the price may continue to range for a bit before moving higher toward the resistance zone. However, if the market does pull back, there is a good confluence zone below that offers a great opportunity to go long: the psychological level, the upward trendline, and the previous weekly low area. My goal is resistance zone around 2977