Lingrid | GOLD market Indecision at KEY Resistance Zone for OANDA:XAUUSD by Lingrid

Lingrid | GOLD market Indecision at KEY Resistance Zone

market pulled back below the previous week's high and has also dipped below the lows of the last two days, bouncing off these levels by taking liquidity. There seems to be indecision in the market as price is forming either a head-and-shoulders pattern, which indicates a potential reversal, or an expanding triangle pattern, which also reflects indecision. Today, we have high-impact news that could drive the price towards the 2900 level closing weekly candle as long tailed bar. However, considering that the price made false breaks below the previous day's lows and completed an ABC pullback, there is a good chance the price may close above the previous week's high level. Overall I expect consolidation between 2900 and 2950 before clear upside breakout. My goal is resistance zone around 2945

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

7 days ago

Trade closed: target reached

Price reached the TP

Lingrid

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