I hope you have a good trading week too. I'm sharing an analysis to provide an overall perspective on market conditions and potential trading opportunities for the upcoming week. Your feedback on my analysis is crucial for its improvement, so let's interact and collaborate.
In the daily timeframe, we've witnessed the formation of two strong upward legs with significant momentum, and now we anticipate a corrective move that has been ongoing for about 32 days. Considering today's unsuccessful attempt by prices to break a new high and the formation of a sticky candle pattern, I expect a price correction towards the support levels indicated on the chart.
I've extended last week's weekly candle in both directions to show my price targets and strong resistance or support levels. If the price pattern stabilizes and we see a decline tomorrow, it confirms further downward movement for me. However, I'll refrain from making a definite decision until last week's price low is broken. Even though the market trend is mostly downward, I'm leaning more towards selling.
I'll try to share a daily analysis for gold on a 30-minute timeframe with you this week.
In the daily timeframe, we've witnessed the formation of two strong upward legs with significant momentum, and now we anticipate a corrective move that has been ongoing for about 32 days. Considering today's unsuccessful attempt by prices to break a new high and the formation of a sticky candle pattern, I expect a price correction towards the support levels indicated on the chart.
I've extended last week's weekly candle in both directions to show my price targets and strong resistance or support levels. If the price pattern stabilizes and we see a decline tomorrow, it confirms further downward movement for me. However, I'll refrain from making a definite decision until last week's price low is broken. Even though the market trend is mostly downward, I'm leaning more towards selling.
I'll try to share a daily analysis for gold on a 30-minute timeframe with you this week.
