Lingrid | GOLD weekly Price Action OUTLOOK

Jul 2, 2023

During the trading week, gold fell to the psychological 1900 level. The week ended with the formation of a large candle with a long tail. It is interesting that where this candlestick was formed. Strong support and the 61.8% Fibonacci level. This suggests that we might see a correction to resistance levels around 1940-1950. A break above those levels opens up the possibility of a move to the 2000 level, which of course is a big, round, psychologically significant area. It is worth noting that gold can sometimes move in opposition to the U.S. dollar, but this correlation need not be so. During periods of turbulence, both can go up.

If the market does bounce off resistance and break through the 1900 level, it will open the road to 1800, completely wiping out the bullish moves. The weekly candlestick formed as a doji, hinting at a consolidation or indecision in the market. It was a decisive week in terms of where it closed. It closed below the strong weekly level. If you look at the history, you can see that the price bounced very well on several times from that level. The plan to sell could be to retest that level and wait for a rejection.

Daily:
https://www.tradingview.com/x/WvOrIivb/

Weekly:
https://www.tradingview.com/x/mzdElqG3/