XAUUSD market closed above the highs of the past three weeks, forming a nice ABCD pattern. This suggests that the price may be gearing up to test the psychological level at 2700. Looking to the left on the chart, we can see that this area has acted as a resistance level twice before. Given the current consolidation phase, it's possible that the price may bounce off the top of the range zone.In the coming week, we have high-impact news that could significantly influence price movements. On the daily timeframe, the market is hovering near a key swap zone, where price changes direction multiple times. I anticipate that the price will consolidate until at least the end of this month or the US presidential inauguration. As it stands, the market remains within the December range, and it's likely to continue oscillating between the top and bottom of this range. Overall I look for the selling opportunity at the resistance zone.
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Trade active
The gold market is currently consolidating on the 1H timeframe, moving back and forth. I think the market will retest the psychological level of 2700. On the daily timeframe, the price has moved above the downward trendline; however, I suspect this could be a false breakout, followed by a bearish move. If the price rejects the resistance zone with a long-tailed bar or an engulfing candle alongside bearish divergence, we may see a sell-off. We should remain vigilant around the release of the CPI and unemployment data. My goal is support zone around 2660
Trade closed: target reached
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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.