Lingrid | GOLD Weekly Price Action

Jul 9, 2023

At the end of this week, gold fell at first, but rebounded from support. This is the second long-tail candlestick, so if the gold can break above both of those candlesticks, the market might retest the resistance in 1950 and the inverted head-and-shoulders pattern hints at that. The Pinbar
This signal is usually a very bullish sign, so I think the bulls do not want the price to go below 1900. Also, there is a lot of doubt about the global economy and that could be another catalyst for the bulls.

I think the next week is more likely to be up than down. However, if the market fails to break down and falls lower, then the road to the 1800 level will be open, which of course is a round, psychological area, from which the price made a big rally after the previous pullback.



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

Jul 10, 2023

Note

The gold market could not update low and it formed a double bottom at the support. The bulls are pushing the price up to the resistance zone forming inverse head shoulders pattern. The bears tryed to pushed the market lower but the price did reached previous lows. I think price might make another impulse leg toward the main resistance 1950. My goal is the resistance zone around at 1945 if the the support holds the price.