Lingrid | GOLD Weekly Market Analysis

1 Ara

XAUUSD has been in a consolidating phase following a bearish impulse leg that occurred on Monday. The November candle closed with bearish momentum but landed right at the 50% of the monthly candle range, having taken liquidity below the October low while respecting the critical 2650 price level.

On the weekly timeframe, the market has been oscillating within a range between 2700 and 2600 for the past three weeks. On the daily timeframe, price action remains sideways, and it appears that the market might be forming a triangle pattern, generating liquidity while showing both lower highs and higher lows.


On the 4H timeframe, there is also the formation of an inverse head and shoulders pattern, suggesting a potential reversal, but the pattern is not perfect. If the market manages to bounce off the 2600 support level, we could see a move back up toward the 2700 levels. Conversely, if the market fails to hold above the 2600 level, it may drop to the 2580 level. Overall, I expect the market continue moving sideways.

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

2 Ara

İşlem aktif

The market is currently testing the support level and showing signs of slowly bouncing back from this zone. The price dipped below Friday's low, but if it manages to close above the 2650 level, there could be a chance for upward movement. Given that there are not many high-impact news today, the market may continue to trade sideways. However, if it remains above the 2600 level, I believe the market could advance and retest the 2700 psychological level. Currently, on the 4H chart, the price action is forming a tweezer bottom pattern, which is a reversal candlestick pattern which formed at the support level. I expect the market to retest the downward trendline. My goal is resistance zone around 2686