Lingrid | GOLD approaching the RESISTANCE level at 2500

17 Jul 2024

The price perfectly fulfilled my previous idea. It hit the target level. The market has continued to rally, breaking through a strong resistance zone that has since become a support level, resulting in higher highs and higher closes. Yesterday's daily candle was extremely bullish, and any retracement within the daily range presents an opportunity to buy. As the price approaches the 2500 level, we may see a sharp decline around this zone, which warrants caution. I expect the price to pull back to the broken level before resuming its upward trajectory My target is resistace level at 2495.

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

18 Jul 2024

Nota

The market's upward momentum appears to be losing steam, as the recent upward move has been relatively weak. As you can see, the XAUUSD has bounced off the upward trendline after forming an equal high, indicating a potential pause or even reversal. I think it's possible that the market will create a complex pullback towards the lower border of the channel. If the bulls take liquidity below the 2450 key level, they may then push up towards the strong resistance at 2500. Another possible scenario is that the market forms a triangle pattern. Overall I expect a fake breakout of the previous day's low, followed by a steady upward move if the upcoming news release does not change the market direction in the short-term. My target is resistance level at 2492