Lingrid | GOLD weekly price action FORECAST

4 Jun 2023

If the market falls below the 1950 level, there is a chance that there will be a big selloff, maybe reaching the support level and potentially the 1900 level after that. Given that there appears to be a new continuation of a negative correlation between the dollar and gold, this would almost certainly result in a strengthening of the US currency.

When you look at the chart, it’s obvious that gold is potentially forming a bit of an inverse head and shoulder pattern. If the price breaks the 1980 resistance level, the next levels are 2000 and 2050. If everything remains the same, I would anticipate a lot of choppy behavior near the support level, but I'm keeping a careful eye on the 1950 level in case it signals the end of this bullish run. If the resistance holds, the price may fall towards psychological support at 1900.

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

5 Jun 2023

Nota

The price perfectly fulfills my last idea, it hit the target. The market is in the range zone; it made an impulse move down from the range boundary. I think it might go down to retest the next main support levels at 1915-1920 because price action formed an engulfing candle on the daily timeframe. On the weekly timeframe, we have a long tailed bar from the resistance showing resistance rejection. There's a strong resistance zone at 1950-1955 if the price returns to that level, I'll look forward to selling. My goal is going to be a support level at 1913