Lingrid | GOLD Weekly PRICE ACTION Outlook

8 Dis

XAUUSD market continues to consolidate within the range established last week. Despite the release of high-impact news, the market reacted poorly. The current price action indicates a market structure shows lower lows and lower highs giving a slightly bearish sentiment. Even though on the daily timeframe, it seems the market is forming a triangle pattern which is consolidation pattern. I anticipate that the market may remain in this consolidation phase throughout December, as it is common for markets to cool down during this month.


On the weekly timeframe, we observe a small range, with liquidity present both above and below. In the long term a breakout above or below this range could lead to two potential scenarios for forming an ABCD pattern. However, I believe the market may drop below the support level of 2535, as the bullish momentum from this zone has not been sufficient to push prices above 2700. This could lead to a dip below that level in order to gather bullish momentum for a subsequent move higher towards an all-time high. However, all things considered, I believe this market will continue to trade within a narrow range. We will need to remain responsive to market movements as the situation unfolds.

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

9 Dis

Dagangan aktif

The price perfectly fulfilled my last idea last Friday. The market is nearing the previous week's high (PWH), presenting a potential shorting opportunity. While the price is still within the consolidation zone, it could bounce off this resistance level and head toward the bottom of the range. The absence of high-impact news today increases the chances of this occurring. It's essential to observe how the market reacts in this area. I expect a rejection at the resistance level, previous week high, and the downward trendline, which could manifest as a long-tailed bar or an engulfing candle to signal a pullback. However, if the market closes above this range, it may continue to rise, potentially targeting the psychological level at 2700. My goal is support zone around 2600