XAUUSD Potential price correction from crossing of Resistance le
Gold (XAUUSD) has recently broken and closed above the $2,650 resistance zone, indicating strong bullish momentum. The market is now approaching the previous week's high at $2,686 and the psychological level at $2,700. Additionally, a global upward trendline, which has supported the price since the summer, lies above these levels.
At these resistance points, there may be selling pressure, potentially causing the price to consolidate or move sideways. The market might also seek liquidity above the previous week's high before retracing. A break and retest scenario is possible, where the price tests these resistance levels and then pulls back. The target for this pullback is the support zone around $2,635.
It's important to monitor price action near these key levels to confirm potential reversals or continuations. Traders should also consider external factors, such as economic data releases and geopolitical events, which can influence gold prices
At these resistance points, there may be selling pressure, potentially causing the price to consolidate or move sideways. The market might also seek liquidity above the previous week's high before retracing. A break and retest scenario is possible, where the price tests these resistance levels and then pulls back. The target for this pullback is the support zone around $2,635.
It's important to monitor price action near these key levels to confirm potential reversals or continuations. Traders should also consider external factors, such as economic data releases and geopolitical events, which can influence gold prices
Trade closed: target reached
XAUUSD from the 21st of November Target reached!
Price of Gold dropped over 60 USD since the analysis was published
Website - rtedinvesting.com/
Free Telegram Channel - t.me/rtedinvestingofficialfreechannel
Free Telegram Channel - t.me/rtedinvestingofficialfreechannel
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Website - rtedinvesting.com/
Free Telegram Channel - t.me/rtedinvestingofficialfreechannel
Free Telegram Channel - t.me/rtedinvestingofficialfreechannel
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.