Lingrid | GOLD Weekly Market PREVIEW

On Monday, the market blew a ton of stops off making a fake breakout of the resistance level. The price formed one of the biggest rejection candles on the daily and weekly timeframes. This suggests that a pullback may be imminent. Perhaps a deep pullback or less. At the moment from the key support levels we have 2000. I think this support level will not be as strong if we take into account the weekly fakeout candle. Under these conditions we may see more sideways movement.

If we break below the 2000 support level, we could be headed for the next key level of 1950. We have two options for a downside move. The first is a retest of about 50% of the weekly candle level. Then a move down. The second option is to move down immediately if the price manages to break the weekly low. In the long term, the price may go down to the key support at 1850 where liquidity lies. From this level there was a rally upwards.


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

Komentarz:

The price is in a downtrend and made a new lows after breaking the upward channel. The market reached the key 2000 level and fell below it. I think it will go down and test the support level because it broke the range zone and upward channel; additionally, the trend changed after the big bearish long-tailed bar. I expect a pullback to the resistance zone at 2000–2005, then a short, potentially reaching the next key support at 1950. My goal is to support 1970