Lingrid | GOLD capitalizing on the PULLBACK. Potential LONG for OANDA:XAUUSD by Lingrid

Lingrid | GOLD capitalizing on the PULLBACK. Potential LONG

The price has perfectly fulfilled my previous forecast. It quickly reached the target zone, surging and testing the area just below the next key resistance level above. The rapid pullback from the resistance suggests that we might be experiencing a buying climax. Nevertheless, the market is forming an ABCD pullback, with completion point potentially aligning with the previous weekly high. This area could present an opportunity to go long in anticipation of a retest of the recent resistance zone. However, with Fed Chair Powell's testimony coming up, there’s a possibility the price could dip even lower, reaching around 2825. If we see a rejection at the support zone 2870 - 2880, we can expect a continuation of the prevailing trend. My goal is resistace zone around 2950

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The market pulled back as anticipated yesterday, creating a complex pullback and trading above the previous day's low. Given that we have high-impact news today, the price may experience increased volatility. On the daily timeframe, a long-tailed bar suggests a potential for a deeper pullback towards support area below the 2850. However, I think the price is likely to form a consolidation zone around the 2900 level, oscillating back and forth. If the price makes a false breakout of the previous day's low and the channel border, we could expect the market to move to higher levels. My goal is resistance zone around 1915

Note

Sorry - My GOAL - 2950(of course not 1915)

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