XAUUSD formed equal lows at the support level near 2620 and is currently consolidating, moving sideways. It seems likely that the market will continue to fluctuate in anticipation of the upcoming NFP reports on Friday. However, on the daily timeframe, a candle with a long tail has formed, indicating that there was a buying pressure. If the market breaks and closes above the range zone and the trendline, it could potentially set up an ABCD move. I expect that the market will continue to move sideways for a while before breaking out above the trendline, followed by a retest at the top of the consolidation zone. My goal is resistance zone around 2660Traders, 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 gold market continues to show sideways price action following the recent sell-off. On the daily timeframe, we see the market forming doji candles consistently, with prices bouncing off the support zone around 2630. As I mentioned yesterday, the market may remain range-bound in anticipation of the Non-Farm Payroll report. However, since we have high-impact news today, we could witness increased volatility. With price currently squeezed, an expansion appears likely. I expect that the price may retest the resistance zone and possibly reach the channel border if it remains above the support zone. My goal is resistance zone around 2655
Trade closed: target reached
+220 pips done 🤝
💰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.
💰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.