Lingrid | GOLD Short-term RETRACEMENT from PSYCHOLOGICAL Level

Dec 11

XAUUSD has moved higher, breaking through the prolonged consolidation zone. The price has reached the key resistance zone ahead of the Core CPI release, testing the psychological level at 2700 and weekly high level. This level has previously acted as resistance, and I think that the market may drop from this level, forming a short-term pullback. Therefore I expect the market to pull back from the resistance and the upward trendline before considering further upward movement because the market may retest the middle of the consolidation zone. My goal is support zone around 2665

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

7 days ago

Trade active

The price has paused at the resistance level, forming a bearish impulse candle. Despite the momentum losing steam as the candles shrink, it's possible that the market is entering an anticipation phase ahead of an upcoming news release. Given the significance of this resistance zone, it's likely that the price will pull back from this level. On the 4H chart, we can see a fake break of the previous resistance at 2720. If the market breaks below the upward trendline, which it has been trading above for a couple of days, it could trigger a bearish move. With another economic date on the horizon that's expected to bring volatility to the market, we should be caution. My goal is support zone around 2684

6 days ago

Trade closed: target reached

My goal is support zone around 2684 - DONE

+360 pips