Lingrid | GOLD Breakout - PULLBACK - Continuation

14 Nov

The price perfectly fulfilled my last idea. It hit the target level. XAUUSD is currently showing signs of slowing down after breaking and closing below the strong support level of 2600. This suggests that a pullback may occur following the breakout. The price is clearly respecting the downward trendline, further affirming the bearish momentum. Additionally, XAUUSD has broken below the previous support level, which has now turned into a resistance zone. If the price retests this level, it could present a viable shorting opportunity. With upcoming high-impact news likely to introduce volatility into the market, I anticipate a pullback followed by a continuation of the downward trend. My goal is support zone around 2500

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

7 hari lalu

Dagangan aktif

Following the PPI and Unemployment Claims economic news releases, the price moved higher against the major bearish trend. Currently, the market is pulling back after testing the support level at 2550. It appears that the price is forming an ABCD pattern, indicating a complex pullback phase. With another high-impact news today, there is potential for the price to move higher toward the resistance zone at 2600, which would complete the pullback. If the price forms rejection at this strong resistance level, we can look for selling signals, as this could signal a continuation of the major bearish trend. My goal on the 1H is the support zone around 2520