Lingrid | GOLD Weekly Analysis: CORRECTIVE Phase after the Surge

27 apr

XAUUSD market initially rallied during the week, reaching the key 3500 level. However, we have a corrective move, showing a bit of profit taking as traders are looking to the tariff noise for direction. The market made a sharp decline resulting in a long-tailed bearish bar on the weekly timeframe, suggesting the price may continue pushing lower toward the 3150 support levels. The price shows similar price action to what we saw at the beginning of this month when a market decline was followed by a week of sideways movement, which then led to continuation of the bullish trend.

I think we might see 2 scenarios to identify the potential endpoint of this corrective move. On the daily timeframe, the price is near the 50% retracement of the bullish swing move, which may be a potential level for continuation. The second scenario is an ABCD pullback where price dips below the 3200 level to find support. In any case, we should react to the price action and how it develops. If the Monday candle gaps up, this potentially indicates that price may move higher. And if we get a gap down, then we can expect a deeper pullback in the market.

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

28 apr

Trade attivo

The market appears to be forming a descending triangle pattern on the 1H timeframe, which indicates the price may move to lower levels as we expected. If the market retests the support level, we can look for buying signals at the potential confluence zone: channel border, upward trendline, and as I mentioned, 50% retracement of the bullish swing. Additionally, we can see the price has formed a range zone around the 3220 level, demonstrating the importance of this area. Therefore, I expect the price to reject this level with trend continuation toward higher levels. If the market falls further downward, we can expect the price to test the previous resistance that has now become support around 3150. My goal is resistance zone around 3400