XAUUSD: weekly review (05.04 - 09.04)

Monthly chart

In March, the bears launched two powerful attacks on the key support level 1670. These attacks were repelled, so the long-term uptrend continues for now

Weekly chart

Last week, gold initially fell sharply, but then recovered just as sharply. Thus, a hammer candlestick has formed on the chart, which indicates high probability of a reversal

Meanwhile, the long-term folding rule pattern indicates further decline

Key weekly level - 1760, which is the border of the cloud on the weekly chart

Daily chart

As a result of the sharp recovery from the 1677 level, a double bottom has formed on the daily chart, signaling a high probability of a reversal. However, gold is trading below the pivotal daily level of 1736.50, which is formally a sign of a downtrend

H4 chart

Gold is trading in the 1677 - 1755 range and is targeting its upper bound as trading moves above the midpoint of the range. Short-term indicators are positive, but the cloud is still blocking the path to growth

H1 chart

The short-term folding rule pattern that led to the reversal from the 1677 level has almost reached its target point. And now the focus will be on the downtrend line (black line)

Conclusions from the review

The balance of risks is shifted towards growth in the coming week. Key support levels: 1715, 1700. Short-term resistance is in the 1732-1737 range. Important resistance levels: 1745, 1755. Key long-term resistance 1760. Sustainable trade above 1760 could lead to growth towards 1800