Lingrid | GOLD Continues to CONSOLIDATE above the 3000 level

Yesterday, price moved higher, briefly taking liquidity above the previous day's high at 3035 before pulling back to consolidate. This resembles the price action we observed at the beginning of the month when the price consolidated around the 2900 level, tested the bottom of the consolidation, made a false break, and then moved to higher levels. Given that the price has tested the bottom of the current consolidation zone twice, I anticipate a similar scenario may unfold, where the price could retest the area below the psychological level once more before climbing higher, particularly if a false break occurs. My goal is the resistance zone around 3060

Traders, If you liked this educational post🎓, give it a boost 🚀 and drop a comment 📣

Trade active

The market has formed an ascending triangle and broke above it, subsequently testing the key level at 3030 three times before breaking through, indicating the significance of this level. Additionally, the price has broken and closed above the previous day's high on the 1H timeframe. There is a possibility that the price may pull back to retest the broken level below. If it retests and rejects the support level around 3030, I expect a continuation of the current trend toward the next resistance zone above. Additionally the market formed a long tailed bar suggest that price may reach the 3050 mark. Overall, I anticipate the market will retest the previous Friday's high zone. My goal is to resistance zone zone around 3047

Trade closed: target reached

Full target hit

Lingrid

💰FREE FOREX signals in Telegram: bit.ly/3F4mrMi

🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid

🌎WebSite: lingrid.org

Also on:

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.

Lingrid