Lingrid | GOLD Weekly PRICE ACTION

6 août 2023

 Gold made a lower low during the week, and on Friday, it actually formed a bullish engulfing and closed above the Thursday high. If you look at June 15, the market had similar price action; in fact, the market recently bounced off the exact price level.

On a daily timeframe, we have a bullish flag pattern that can lead to a bullish move.

Another bullish sign is the reverse head and shoulders pattern. This shows us that if gold breaks the neckline, which is a pretty strong resistance zone, it may go further upward to retest the extremes of the asset. I think we'll have a more ranging market because August is usually a quiet time for traders because many of them go on vacation. 


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

7 août 2023

Note

The gold market is pulling back after an impulse move up. I think the market might pullback to form a double bottom. Price action made a fake breakout of the support area between 1933 - 1930 by forming a long-tailed bar. This shows the significance of the level. If the price returns to the support area, I look for a buying signal: losing momentum, a fake breakout, or a double bottom to ensure that bears do not have the strength to go down. My goal is the resistance around at 1950 level.