Gold (XAU/USD) Weekly Analysis #1

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As we can see in the picture attached, the gold price is currently between the weekly zone which is the current resistance zone once tested in September 2021, and the current support zone also a weekly zone that has been tested in Aug 2021.

Check the chart pattern in tradingview

The gold price has rejected the weekly zone twice at looks like forming a double bottom pattern and the neckline is exactly near the weekly resistance zone, if the price break the neckline we can expect another higher low. In case the price rejects the neckline and breaks the support zone we can expect a huge dip in price.

Let’s look at fundamentals as we all know only high-impact news affects gold. For this week there is not much high-impact news. Just a few such as Existing Home Sales (Wednesday), Jobless Claim (Thursday), and S&P Global Composite (Friday). Maybe due to jobless claim news the price can make a huge movement. If you are new to trade highly suggest just monitoring the price when the news hits.

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