Gold xauusd, weekly forecast and technical analysis Trading idea

Gold Market Forecast for This Week (Based on Chart Analysis)

Key Levels & Setup:

1. Support Buy Zone (~$2,880 - $2,901)

The chart suggests a strong buying opportunity around the CPI buy area (near $2,880 - $2,901).

This area has acted as support before, making it a key level for a potential bullish reversal.

2. Resistance Area (~$2,929 - $2,940)

The price is expected to test resistance around $2,929 - $2,940, where selling pressure might increase.

3. Projected Movements:

Bullish Scenario: If the price holds above the support zone, a buy trade setup could push gold towards the resistance area (~$2,940).

Bearish Scenario: If resistance holds, a selling trade opportunity might emerge, leading to a pullback towards support.

Conclusion:

Short-Term (Early Week): Possible sideways movement between $2,901 (support) and $2,929 (resistance).

Mid-to-Late Week: A breakout above resistance ($2,940) could push gold higher. A drop below $2,880 could signal more downside.

Trading Plan: Buying near support and selling near resistance may be effective for short-term trades.