Lingrid | GOLD Weekly OUTLOOK: Poised for BULLISH Reversal

4 Mei

XAUUSD market has retraced approximately 50% of the previous month's range and is approaching the critical golden zone at the 61.8% Fibonacci retracement level. After experiencing such strong bullish momentum, we've now witnessed two consecutive red weeks, suggesting a potential reversal point.

Price is currently testing the previous resistance zone, which has now established itself as support—a classic market structure confirmation. The formation of equal weekly lows beneath current price levels represents significant liquidity that could fuel an upward move.
Furthermore, the price action appears to be completing an ABC pullback pattern, which typically precedes trend continuation. This bullish outlook is further reinforced by the emergence of a falling wedge pattern, a technical formation that frequently resolves to the upside.

Overall, I expect prices to move higher in the coming week, potentially catalyzed by the upcoming Federal Funds Rate decision, which could provide the fundamental backdrop for the next leg up in gold's price trajectory.

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

5 Mei

Dagangan aktif

Gold is forming a falling wedge pattern after a sharp rally toward the resistance zone around $3,496. Price has pulled back in a corrective move and is now nearing a key confluence support between the wedge base and the downward trendline. This zone is critical for bulls to defend.

📉 Key Levels
◾️ Watch for bounce: near $3,170 support
◾️ Breakout confirmation: above wedge top (~$3,240–3,250)
◾️ Upside target: $3,350 (first target)
◾️ Invalidation: clean break below $3,170

💡 Risk Notes
— Wedge structure often leads to bullish breakouts, but confirmation is key
— Rejection from the wedge may retest deeper support toward $2,967
— Eyes on macro data or gold catalysts this week for potential breakout trigger