Lingrid | GOLD Weekly Price Action Analysis

Gold rose after breaking through the key 2050 level. With this in mind, it is worth paying close attention to the idea that the market has taken a brief pause, as well as the negative correlation between the gold market and US interest rates. This continues to be a major factor to pay attention to. However, it is worth noting that the market has reached a strong co-opposition level and I believe we may see a pullback from the supply zone. The market was in a range, but bounced on Friday and closed above the previous two-day highs.

On the weekly timeframe we have an interesting picture. The market made a triple top. Each time the market bounced from it by forming a candlestick with a big tail, which was a negation of the level. This time we have a full-body candle with no shadows. This means that the market is probably ready to break the rectangle. An alternative scenario is a false break of the resistance level and a long-term bearish trend as it happened three times before.


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