Lingrid | GOLD short-term RETRACEMENT

The price perfectly fulfilled my last idea. XAUUSD has been moving upward almost without any pullbacks. The key level that will play an important role this week is 2148.99 because the market will decide whether to close below or above it. On the daily timeframe, we have lost some of the bullish momentum. It seems like bulls are out of breath and they need some rest, which means retracement from the resistance zone. As I mentioned in my last forecast, the market will first move higher, then pull back. Today we also have high-impact news, and I think it is already priced in. My goal is the support around 2132.195

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

Bình luận:

The market is grinding at the resistance zone. Since today we have NFP, I think the market will grab liquidity above 2170 resistance and move downward.  On the daily timeframe, the candles are getting smaller, which suggests that bulls are out of breath. Basically, I expect the price to retest the resistance zone, forming a long-tailed bar, as a sign that buyers are exhausted and will make a downward move. My goal is the support around at 2130.