Lingrid | GOLD Weekly Outlook

Oct 1, 2023

Gold continued its decline this week. It has broken and consolidated below the 1900 level and is aiming for the 1800 level after breaking out of the tiangle pattern. Gold has already now passed the halfway point. The market accelerated and we may see a small pullback next week. On the weekly timeframe, the price is approaching the demand level. This is going to be the next stop for the price.

Last week I predicted that the DXY would rise, as predicted it broke the level and stayed above it. Although on Friday we saw a little bit of a decline. A long tailed bar was formed on the daily timeframe, which is a bullish signal. The size of this candlestick indicates that there is momentum, so I think DXY will continue to move up, but that doesn't mean that the market can't be very volatile along the way.


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