Lingrid | GOLD correction followed by EXTENSION

3 thg 7

The price perfectly fulfilled my last idea. It hit the TP. XAUUSD is currently testing the critical level of 2350. The market has already broken out of the range zone that was part of an inverse head and shoulders pattern. Given that the market has closed above the strong support at 2330, I believe it may retest the midpoint of the range zone, which aligns with the neckline of the H&S pattern. However, there is still a possibility that the price could drop to a lower level, as it has already completed a test of the top of the triangle formation I mentioned yesterday. In any case, I'm looking for the price to test the support level and bounce back, which would provide a buy confirmation. My target is the resistance zone around 2379.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

4 thg 7

Ghi chú

The gold market has broken out of its consolidation zone and is currently moving sideways, following an impulsive leg that suggests a correction may be possible. Given the significant takeoff we've seen, I expect the market to pull back to the range zone, as the price has broken out of this zone below, it's likely to retest the broken level before making a move upwards. If the market does retest the support area between 2335 and 2340 and rejects it, we can look for buying confirmation and consider taking a long position. My goal is the resistance zone around 2377.

5 thg 7

Ghi chú

Notice how the market responded to the previous lower high at 2365; the lack of an impulsive from this level suggests that it may react by moving upward following the upcoming NFP. Since yesterday, the price has been range-bound, indicating a potential breakout above. However, it's also possible that we'll see a short-lived spike downward. Overall, I'm expecting a bullish breakout above the previous lower high and a retest of the resistance above. My goal is the resistance zone around 2379.

5 thg 7

Đóng lệnh: đạt mục tiêu

The price hit the target