Greeting to all and welcome back to another article of our weekly gold technical analysis. In the most part of the previous week, XAUUSD was not trending and precautions were needed with each buy and sell setups we had executed. The gold market finally made a run after US CPI announcement last Friday night, which started off with sudden dip action before the rally of gold price for more than 500 pips at the end of the week. Now let us dive right into our weekly gold market forecast to what are the possible directions gold market can take this week.
First, we will examine the previous weekly and daily candlesticks for possible reversal or continuous patterns. Start with the previous weekly candlestick, which is a bullish candlestick with relatively same length of the body and the lower shadow (Wick). Also, the high and low prices were higher and lower than the previous weekly candlesticks (previous two weeks) respectively, which indicates the probability of another bullish candlestick this week. However, with important resistance level right above at 1870 USD where the market was not able to breakthrough in two previous separate occasions, the market can retrace down before a bull run.
Next is the previous daily candlestick. Similar to the previous weekly candlestick, it was bullish with equal amount of body and lower wick. In a bigger picture, daily candlesticks in the past few weeks do form an expanding triangle price pattern, which is one type of triangle patterns that can occur during a sideway market. Trading during this price pattern requires extra precautions as the final breakout direction can occur on either side (Up or Down).
As the market hovers around the significant resistance level at 1870 USD once again, it is possible that the market may fail to break through this level and retrace. However, without the support of the supply zone in this key resistance level, we do not recommend short selling at least until the price reaches 1880-1890 USD which is in the supply zone of daily timeframe.
For long buying, if the price can accumulate at 1870 USD resistance level we can consider buying until 1880 USD. But if the market failed to break through this resistance level and retrace, consider possible buy setups around the 1820 USD in the demand zone below.
จากการวิเคราะห์ทองคำในภาพรวมตอนนี้ราคายังคงพักตัวและไม่ได้เลือกทางชัดเจนค่ะ ทำให้การเทรดต้องระมัดระวังทั้ง หน้า Buy และ Sell และการตัดสินใจเทรดแต่ละครั้งควรมี Zone หรือแนวรับ/แนวต้านที่แข็งแรงรองรับ รวมถึงมีพฤติกรรม confirm ให้เรามั่นใจ เช่น Classic Divergenve, QM หรือ Price action ก่อนที่จะตัดสินใจเทรดค่ะ
Please trade at your own risks with a good money management strategy.