FX.co ★ king.zelda | XAU/USD, GOLD

GOLD In general, the forecast for the week has been fully realized. Although slightly exceeded to the upside, the outcome is satisfactory, and the target, which is also a resistance level, has been reached at 1.3299. Now, the task for the next week is different. Initially, I thought we would see a pullback to the downside on Friday, as I mentioned in the morning, but with the update of the 3330 level, the bearish sentiment was canceled. However, for the following week, I expect a significant downward correction to around 3230 plus or minus. After the correction, we will most likely continue the uptrend. A zigzag pattern to the downside is suggested for one reason: to reverse the H4 to the upside and to gauge the strength of the sellers - the deeper, the worse. Since there is currently no significant bias towards the upside, it is recommended to have sideways retracements to favor the buyers.