Trading Week 5 - Gold Weekly Analysis

On the Daily, Price has previously formed a HL formation with multiple wicks rejections. On the last Friday, price has closed as a strong Bullish Engulfing as it engulf entirely the move from the previous weeks.


On the H4, Price has closed above the Resistance and has retested it as price was pushed off the Resistance turned Support.

On the M15, price is pushing the Resistance for an upside break targeting Institutional Level 1750.

The market structure is indicating a potential formation of a new HH, so I will only be looking for a buy opportunity on the coming week.

Bias = Bullish
Structure = HL formation
Setup = Wait for clear break of structure and retest