Lingrid | GOLD approaches December High. Short-Term Pullback

2 days ago

The price perfectly fulfilled my last idea. It hit the target. XAUUSD is currently trading above the 2700 key level, and as the market approaches the channel border and the upward trendline, there are signs of potential resistance. The price previously dropped from the resistance area before and it is likey that a short-term retracement could occur if we receive sell confirmation. Additionally, the market is nearing the December high, which presents a significant level where a bounce could take place. If the market shows rejection at this resistance zone, I expect a short-term pullback. My goal is support zone around 2677

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

19 hours ago

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The market tested the December high area, and after pulled back, it closed with a wick on the daily timeframe, indicating uncertainty. Given this, I think the market may be poised to push towards the 2700 level or, more likely, the previous day's low. On the weekly timeframe, a closing wick on the weekly candle could further suggest a potential indecision at this area. While there's a possibility that prices may remain range-bound until next week, I anticipate a some sell-off in the NY session, which could lead to a bearish move considering that we had 2 major sell off from this resistance zone before. My goal is support level at 2680