Gauusdt Trade OpportunityGAUUSDT recently broke down from a rising wedge pattern, testing a critical support area, which led to a strong bounce. This bounce suggests that if the price can break above the significant supply zone, it could trigger a continuation of the rally, potentially reaching the 0.2 area. However, there is a risk of rejection at the supply zone, which could drive the price back down towards the neckline. This could present a re-accumulation opportunity.
It's important to exercise caution, as this support zone appears to be the final major demand area. A breakdown below this level could signal the onset of an extended correction, potentially forming wave leg C. This scenario would suggest a deeper bearish move.
Careful monitoring of the price action at these key levels is essential for making informed trading decisions. Your thoughts on this analysis and GAUUSDT’s future movement would be valuable.
