XAUUSD is still moving sideways after the recent bearish move. It is currently testing the resistance zone where it previously dropped after breaking through the upward channel. The last daily candle is a small-range doji, indicating indecision. On the 1H chart, the price action is forming a bearish wedge pattern, which is typically a continuation pattern. If the price remains below the 2630 level, I believe it will retest the upward trendline, leading to further bearish movement. However, if it breaks above this level, the market may move upward to retest the channel's border at 2660. Overall, I expect the wedge pattern to play out. My mid-term goal is support zone around 2560.Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Trade active
The market retested the resistance zone I highlighted yesterday, forming a double top pattern. It has also broken and closed below the upward trendline. Essentially, the market has experienced a squeeze followed by a breakout. On the 4H timeframe, there is a long-tailed bar at the resistance, indicating a potential rejection of that level. Therefore I expect the market to move lower and retest the midpoint of the range zone, as this area often functions as both a support and resistance zone. My goal is support zone around 2613.300
Trade closed: target reached
The price hit the target on the 1H timeframe🤝
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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.