The price perfectly fulfilled my last idea. It hit the target zone. Overall, 
XAUUSD market is in the process of forming an ABC move, with the C point nearing completion around the 3175 resistance zone. The market has made a corrective move of about 1.9% from the peak of the consolidation zone before. I think that the price might create a similar pullback from the all-time high zone. Given the high-impact news scheduled for today, it’s possible that the price could retest the area below yesterday's low. However, considering the current momentum, I expect the market is likely to bounce off the support level and the upward trendline, ultimately moving forward to complete the ABC pattern. My goal is resistance zone around 3170.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
XAUUSD market is in the process of forming an ABC move, with the C point nearing completion around the 3175 resistance zone. The market has made a corrective move of about 1.9% from the peak of the consolidation zone before. I think that the price might create a similar pullback from the all-time high zone. Given the high-impact news scheduled for today, it’s possible that the price could retest the area below yesterday's low. However, considering the current momentum, I expect the market is likely to bounce off the support level and the upward trendline, ultimately moving forward to complete the ABC pattern. My goal is resistance zone around 3170.Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Trade active
As anticipated, the price has bounced off the support level I highlighted yesterday. On the 1H chart, the market is forming a triangle pattern, which typically serves as a trend continuation signal. Given that Tuesday's candle is a doji, there's a possibility that the price may retest the 3080 support area going below the previous day low. However, I think the price could surge toward the resistance zone by breaking through the triangle pattern, provided the upcoming news doesn’t negatively impact the market. Conversely, if the news turns out to be positive, I expect the price to reach up to the 3180 level. My goal is resistance zone around 3165
Trade closed: target reached
The price hit the target
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🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid
🌎WebSite: lingrid.org
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Disclaimer
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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.