XAUUSD market bounced off the resistance and dropped, creating approximately a -6% correction after the previous bullish momentum. Price action formed a gap which was subsequently filled. Notably, this corrective move mirrors a similar pattern observed at the beginning of this month when the market also corrected by -6.6%. Currently, the price is testing the previous week's high area, which may establish itself as a support zone. Following such a rapid decline, price typically enters a consolidation phase - we might see sideways movement around the 3300 level for some time. However, if we get a rejection candles forming at current levels, I expect the price to move higher and retest the recent resistance zone. My goal is resistance zone around 3500Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
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The market has nicely rebounded from the support zone I highlighted yesterday. Most likely, the price will move sideways above the channel border and support level at 3300. Following this consolidation, the price may resume its upward trajectory. As I mentioned previously, the market made a 6.83% correction, after which we may see continuation of the bullish trend. As long as price maintains above the support level, there's a high probability the market will move higher. If support fails, the market could drop, creating a second bearish leg toward the 3200 support level. However, I expect the price to move higher and retest at least 50% of the bearish pullback. My goal is resistance zone around 3400
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💰FREE FOREX signals in Telegram: bit.ly/3F4mrMi
🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid
🌎WebSite: lingrid.org
🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid
🌎WebSite: lingrid.org
Related publications
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.