As we can see that the
XAUUSD
recent sold-off, where the price surged above its previous high before plummeting, breaking through the crucial support level at 2400. At this point, the market may enter a sideways phase, as the formation of a double top suggests that the bulls lacked the strength to push prices higher. This could be an opportunity for traders who missed the initial bullish rally to go long. The next key support level is 2350, where the price consolidated below for a prolonged period before finally breaking and closing above it. I expect a retest of the resistance zone at 2400 from the support level. However, if the market continues to decline, the next significant support level will be at 2300. My target is resistance zone at 2390.
XAUUSDrecent sold-off, where the price surged above its previous high before plummeting, breaking through the crucial support level at 2400. At this point, the market may enter a sideways phase, as the formation of a double top suggests that the bulls lacked the strength to push prices higher. This could be an opportunity for traders who missed the initial bullish rally to go long. The next key support level is 2350, where the price consolidated below for a prolonged period before finally breaking and closing above it. I expect a retest of the resistance zone at 2400 from the support level. However, if the market continues to decline, the next significant support level will be at 2300. My target is resistance zone at 2390.
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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.