XAUUSD market continues pushing to higher and higher levels. The market went up approximately 7% in a single week. This was a big upward move, if not the biggest upward move in one week this year. As the market approaches the 3250 level, we can see some price deceleration. This may lead to a corrective move. After such an impulse move, the market usually consolidates. Therefore Monday and Tuesday might be sideways move days.On the daily timeframe, the price is creating an ABC move which potentially completes around the 3300 level. If Monday's candle opens with a gap up, this suggests the price may surge again. However, if we get a pullback, then we can look for buying opportunities below the 3200 support level or the previous day's low.
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This early morning the market actually gapped down . This might suggest that we can see some corrective move in the market. Since today we don't have high impact news , the market may continue moving sideways or pull back toward the previous day's low.On the 1H timeframe, we already can see some bearish divergence that supports the idea of a short-term retracement. Looking left at the sideways movement that occurred after the bullish momentum formed from March 11-20, we can expect similar price action if sudden news doesn't shake the market. Overall, we can expect a classic breakout - pullback - continuation scenario in the market. This pattern would align with typical market behavior following strong directional moves. My goal is resistance zone around 3280
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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.