XAUUSD has moved higher, breaking and closing above the 2650 resistance zone. The market is now approaching the previous week’s high at 2686 and the psychological level at 2700. Additionally, there is a global upward trendline above that has held the price since the summer. What I see is a potential break and retest scenario. At this level, I anticipate some selling pressure, which may cause the price to bounce off these resistance levels, potentially forcing it to move sideways. I expect the market to grab liquidity above the previous week’s high before rolling back down. My goal is support zone around 2635.Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
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The market has reached the resistance zone at 2700 and is currently testing the liquidity zone above the previous week's high. The price action shows signs of losing momentum, by forming of small candles as it approaches this key resistance zone. Given that the market has already made a 6.3% growth from low, a pullback from this high seems plausible. With high-impact news today, we can expect increased volatility in the market, which could further influence price behavior. If we see a long-tailed bearish bar or an engulfing candle in this resistance zone, it would signal a potential reversal. My goal is support zone around 2643.
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💰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.