XAUUSD market made a sharp bearish move, indicating a possible shift in momentum. Following the lower high, it appears that the market has entered a consolidation phase, particularly after breaking below the 2650 level with a strong bearish candle. A large triangle pattern around the psychological level of 2600 is certainly a possibility. Triangle patterns generally signify indecision in the market and can lead to dramatic moves once a breakout occurs. The daily timeframe showing a substantial bearish candle erasing the last three days’ gains further reinforces the bearish outlook. This strong price action may attract additional selling pressure, especially if the market remains below key resistance levels. With high-impact news volatility is expected. We should remain cautious and look for clear signals to confirm the next move. My goal is support zone around 2581.000Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
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The gold market has rolled back to the resistance zone and the channel border. On the daily timeframe, the price action formed a doji candle, which indicates indecision and is the last daily range, with the price moving higher than the previous day's high. Given the sharp bearish movements and the weaker bullish attempts, I think the price may decline if it rejects the resistance zone and the upward trendline. Additionally, today is full of high-impact news, which suggests that the market could be quite volatile. Keeping an eye on how the price reacts around these key levels could provide a confirmation. My goal is support zone around 2605.
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💰FREE FOREX signals in Telegram: bit.ly/3F4mrMi
🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid
🌎WebSite: lingrid.org
🚀FREE CRYPTO signals in Telegram: t.me/cryptolingrid
🌎WebSite: lingrid.org
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.