FinancialGamblR

Gold, or XAUUSD depending on which ticker you go by is playing around an interesting weekly level. The 2,035 level has been touched four times since 2020. August 2020: first touch and then sold off July 2022: second touch and then had a stronger selloff January 2023: third touch and then followed by a weaker selloff November 2023: fourth touch and no selloff reaction Depending on how price reacts around the 2,035 level for the week ahead, this will be very interesting to observe for the week ahead.

On September 1st, gold touched the previous low at 1,692.50. Price approached this level again on September 7th and failed to breach significantly lower. The strong reaction represented by the large bullish bar is a sign that there is buying pressure. Demand is potentially there. I think there will be a clearer indication of this once price breaches above the 1,718.50 level. If this breakout sustains, the probability of further upside is strong.

Over on the daily level, gold touched the 1,805.85 level. This level is the previous downside breakout. Actively monitoring this security as I think there's downside potential if price fails to breach above this daily level.There's also confluence with the hourly timeframe. Will be posting an H1 chart below.Here is a look over on the 1-hour timeframe:

1. Price crossed above the 1,757 level last week and stabilized. We did see a price drift back below this level and selling momentum did not pick up.2. This leads to this week's outlook. If price can hold above the 1,757 level, we can expect further upside as price continues with the momentum from last week. I don't anticipate a sharp cross below this level, unless some fundamental news comes out. A slightly more likely scenario is if this price action fizzles if the level isn't respected for this week's open.

A bit too late posting this, but 1,753 is a key level to watch. Ideally, I'd like to see a pull back to this level and for price to hold above it. If this level holds, I am anticipating further upside for gold. As of right now, I'm largely just monitoring at the moment.

I'm currently expecting upside as gold is holding above the 1,802.25 level. As labelled in my Signpost, the current bar tested the key level and held. You can actually see the reaction by the lower wick. I'm expecting to hold this trade overnight unless price drifts back towards this level and stalls, which I would consider scratching.

Gold actually touched a lower boundary that it previously broke out of on the downside. As it approached this boundary, it made a strong bearish reaction, which strengthened my downside bias as it attempted to drift up and failed to push any new highs.

See Signposts on chart for key price action details. We see resistance hold, which represented the upper boundary range. However, it produced a weaker selloff. After a rather bullish spike higher at the end of the selloff, price failed to push to new lows. It drifted lower, which indicates that it's likely there's a lack of selling pressure. Plotted path is currently the anticipated price action movement.Crazy. Hit my first level and then tanked.

See Signposts for key price action details.