Lingrid | GOLD Weekly OUTLOOK

Looking at the daily chart of XAUUSD , you'll see two days closed with a doji candle - a candle of uncertainty: a small doji and then a big one. Interestingly, on the weekly timeframe, the price also formed a doji. But with a bearish sentiment. Because in the first we closed below the previous weekly low and the candle itself is also bearish. What does that tell us? Essentially this is a sideways price movement between 2025 and 2065. A breakout of these levels could give us clues for future price movement. In fact, this month may turn out to be a flat month. The December monthly candle is also a doji.

On the 4H hourly timeframe, we have a bar with a long tail. It closed below 2050 capturing liquidity above. The previous time we had a similar situation. But it closed higher and went higher. This time the price also went up, but could not consolidate above. This tells us that a break below 2030 could open the road lower to 2015 and 2000. What's the verdict? All of the above gives a slightly bearish sentiment. Considering that there is a head and shoulders pattren formed at the resistance level. Next week is quite calm on news.

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

Commento:

The price perfectly fulfills my last idea. XAUUSD is heading towards support levels. The gold is testing the support and lower border of the upward channel. However, the price failed to close below the previous low on the 1H and 4H timeframes. I think the market may pullback to the resistance zone at 2036–2038. If the market shows some weakness at resistance, we can expect it to continue moving downward, potentially breaking the channel. My goal is the support at around 2018.50.

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