Good day everyone, I hope we all had an impressive week and a profitable one. talking about profit, I know some of us here don't just invest in gold, some trade gold as a swing or day trader using technical analysis, and that's why I try to share my little knowledge and two cents on gold movement and forecast which are not financial advice.
so this week gold market started with the market retracing back a bit from the previous upward movement before continuing it movement back up and the XAU/USD market closed at 1766 this week.
looking at the picture above we can see that i have already forecasted the movement of gold and i expect the market to continue moving upward till it reach the 1800 - 1810 zones and we will see what the market does from there either moves up or respect the zone and the trendline and goes back down.
I will be looking for a buy opportunity for this week till the market get to the 1800-1810 zone.
lets take a closer look at the market on different timeframes, let us start with the daily timeframe
we can see from the daily timeframe that the market his respecting and bouncing off that 1694-1677 support zones and it respected the trendline and made the third bounce at that trendline as we know the third bounce off a trendline or area of support or resistance is always strong and can be trusted, and the last week movement upward confirming to us that the market is back in the bull movement, racing back to the 1800 zones, before making the decision of either continuing up or down
now let us look at the 4hrs timeframe to have a closer look at the market.
in the 4hrs timeframe we can pretty much see more candlesticks and i expect to see a little bearish candlesticks maybe two or three before the market explode back up to get to the 1800 zones.
i will like to say these, this is just my own personal opinion and forecast about the XAU/USD market using technical analysis and its not a financial advice or trade signal, plus this is just a forecast, the market can go like i forecasted and it might not. this is just me , using this amazing medium to share my opinion about the market.
thank you once again, its a pleasure to be here, and i hope we all have a blessed and profitable week ahead.