GOLD → Risk zone! One step away from a prolonged correction
Updated
XAUUSD is trading in the lower half of the key range. The price failed to hold above 2493, the market is spilling back to support. But, there are nuances pointing to both a rebound and a possible fall..... The trend is still bullish. The price is entering the risk zone of 2470 - 2480. If the bulls do not keep the price above this zone, we should expect a prolonged correction. But, there are Initial Jobless Claims and NFP report ahead, which traders are waiting for so much. The economic nuances can both strengthen local movements and revive the global trend.
On H1 the price is strongly declining to the support, such a fast movement is fraught with a rebound, which can bring the price back to 2493 - 2500 and this is probably the key movement. But there is a but everywhere! It is hard to tell from the volumes that the buyer is ready for any action. False breakout and consolidation above 2477 may affect the growth.
Resistance levels: 2493, 2500
Support levels: 2477, 2473, 2450
But the fall is not excluded. If there is no reaction to the 2477-2473 zone in the form of a rebound, and gold starts to consolidate near the support, then we should consider a decline, the key target of which could be the 2450 zone and the trend line on D1.
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Regards R. Linda!
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Done!
False break of support led to the formation of a bullish impulse!
+ 270 pips!
Trade active
Struggle for key resistance
If the bears' pressure outweighs, the price may return to the support level of 2477-73
Or rise to 2510
Trade active
The bulls were able to consolidate above 2493 without a pullback.
This indicates that the buyers are highly interested.
The price is returning to the middle of the range.
A pullback from 2505 may follow, then we should watch the price reaction at 2493.
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NO‼️
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