Lingrid | GOLD Breaks OCTOBER Low: A Shorting Opportunity
Updated
The price perfectly fulfilled my last idea. It hit the target zone. 
XAUUSD broke and closed below the previous support level, which has now turned into a resistance zone. Currently, the market is testing the psychological level at 2600. The ongoing bearish momentum is evident as the market continues to form bearish impulse legs and lower lows. If the price pulls back towards the resistance zone and shows signs of rejection at that level, it could present an opportunity to short the market. At this point the market may enter into the consolidation phase. My goal is support zone around 2570
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
XAUUSD broke and closed below the previous support level, which has now turned into a resistance zone. Currently, the market is testing the psychological level at 2600. The ongoing bearish momentum is evident as the market continues to form bearish impulse legs and lower lows. If the price pulls back towards the resistance zone and shows signs of rejection at that level, it could present an opportunity to short the market. At this point the market may enter into the consolidation phase. My goal is support zone around 2570Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Trade active
The gold price shows the completion of the ABCD pattern, which is often a strong signal for potential market movements. The recent fake breakout of the previous support level suggests that the market may be looking to pull back toward the recently broken channel border. Given that the price might consolidate right above the psychological level at 2600, this scenario aligns well with typical market behavior, where it often consolidates around key levels before continuing a breakout. With high-impact news on the horizon, volatility is expected to increase, which can lead to more significant price swings. This could amplify the likelihood of a pullback before the market decides to continue its downward move. My goal is support zone around 2565
Trade closed: target reached
GOLD keeps falling 
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