Lingrid | GOLD Consolidation ZONE: Possible SHORT Setup for OANDA:XAUUSD by Lingrid

Lingrid | GOLD Consolidation ZONE: Possible SHORT Setup

pulled back to the 2915-2920 resistance zone, as suggested in yesterday's analysis, forming an ABCD move. Looking at the previous price action, we can see that the current bearish momentum is stronger than the previous one, while the current bullish rebound is comparatively weaker. This suggests that we may be entering a consolidation phase or potentially a deeper retracement. We usually see a roll back after the completion of the ABCD move, so I expect a potential bounce from this resistance area. However, with important news scheduled for today, we could see price either break higher or go to lower levels, so caution should be exercised. My goal is support level around 2880

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

Lingrid

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