Lingrid | GOLD Weekly PRICE Action ANALYSIS

٢٩ سبتمبر

XAUUSD market rallied this week following the FED's 50 basis point interest rate cut. While there is a potential for buy-the-dip strategies to attract bulls, the current price levels might be in overbought territory, making it challenging to expect the price at higher levels. This situation could lead to a sideways movement in the market.

If the price does drop toward the 2600-2620 zone, it may entice bulls to enter the market, considering it a more favorable buying opportunity. The close of the September candle will be critical, as it could signal the future price direction. If September closes with a long-tailed bar, this could indicate a potential pullback toward the psychological support level at 2600 or the 50% retracement of the monthly range.

Next week, the market will also be influenced by high-impact economic news, including the Non-Farm Payrolls (NFP) and the Unemployment Rate, which could significantly affect price direction. Keep an eye on these upcoming news.


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

٣٠ سبتمبر

تم فتح الصفقة

The gold market opened with a gap up but after it pulled back suggesting that the price might head further down towards the support level at 2630. Analyzing the daily timeframe shows that the daily range is narrowing, which indicates that bullish interest is waning at the current levels. This could point towards a potential seek for liquidity at lower levels to climb higher level. The price action seems to be forming an ABC pullback. And in this scenario, if a rejection candle forms at that support area we can expect the market continue move higher. My target is resistance around 2700

١ أكتوبر

تم فتح الصفقة

The price has perfectly bounced off the support level I mentioned yesterday. Overall, it has been moving within a descending channel, which has represented a pullback against the major trend. Currently, the market is attempting to break out of this channel. If it breaks and closes above the channel, we can expect a bullish move. I anticipate that the market may retest the support level before making an upward move, especially considering the rejection observed on the 4H timeframe. My target is resistance at 2668.50

٢ أكتوبر

أغلقت الصفقة: تم الوصول للهدف

The price reached the target level on the 1H