Lingrid | GOLD Weekly Price Action Analysis

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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 👩‍💻