Lingrid | GOLD short-term RETRACEMENT from the RESISTANCE zone

3 Jan

The price perfectly fulfilled my last idea. It hit the target. XAUUSD has moved higher, breaking above the triangle pattern. The price is currently testing the weekly high at 2665, which I mentioned yesterday. It has bounced off this level and may be forming a double top in this area. I believe the market could form a small ascending channel with bearish divergence. Previously, the price has consistently respected the resistance zone at 2670, which aligns nicely with the 61.8% fibonacci golden level. I expect the price to move lower after taking liquidity above the weekly high if we see strong rejection. My goal is support zone around 2640

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