XAUUSD Weekly Market Analysis: Key Levels and Trading Opportunities

Pre-Market: XAUUSD Weekly Market Analysis

Last week, XAUUSD experienced significant movements, making a buy-side liquidity sweep above the 2430.94 resistance level from March 22, 2024. The price touched and consolidated at the 2324.75 demand zone from May 9, 2024. As we enter the new week, let’s analyze the potential directions and key levels to watch.

Bullish Scenario

If Monday opens with bullish momentum, XAUUSD may target significant levels at 2350 and 2365, with the highest bullish retracement target around 2400. Traders should watch for price action confirmations on the M30 to 4-hour timeframes to validate these movements.

Bearish Scenario

On the flip side, a bearish pattern forming below the 2395/2400 resistance zone could push the price back down to 2320 or 2300. Strong penetration at 2300 might continue the downward trend, targeting 2260, 2200, 2150, and potentially 2100. This would represent a deeper retracement for XAUUSD.

Monthly Candle Considerations

With the monthly candle nearing its close, gold may consolidate above verified support and resistance levels. Traders should remain vigilant and focus on major timeframe confirmations to navigate potential price movements effectively.

XAUUSD Weekly Market Analysis Conclusion

This week’s trading in XAUUSD presents opportunities on both the bullish and bearish sides, depending on market opening conditions. Key levels to watch include 2350, 2365, and 2400 on the upside, and 2320, 2300, and lower targets down to 2100 on the downside. By observing price action and managing risks, traders can capitalize on market opportunities in the dynamic gold market.

Stay tuned for more updates and detailed analysis as we navigate the Forex market together.