Lingrid | GOLD Weekly Market Outlook

Gold closed with a bullish candle on the weekly timeframe. Markets usually consolidate around round levels, in this case it is the 2000 level. If you look at the weekly chart, you can see how the price pulled back to the 38.2% retracement level and took liquidity from this level. On the daily timeframe we have an interesting pattern. The price has formed an inside bar, which will definitely lead to the breakout of the level of the mother bar in the range of 1977 and 2007.

On the hourly timeframe, if you look in detail, you can see the formation of a triangle. This pattern is usually known as a trend continuation signal. A breakout of this level may lead us to the 2030 level. And if the breakout happens downwards, there is a chance that the market will form another fakey pattern. A false triangle breakout that will lead to a bullish price movement.

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