Lingrid | GOLD holds STEADY above the SWAP zone

Nov 28

XAUUSD price action suggests that the market has shown resilience around the support level at 2620, which has been tested multiple times and has consistently rejected attempts to push lower, creating long-tailed bars that indicate buyers stepping in. This level acts as swap zone where the buyers seem to have regained control. On the daily timeframe, the price briefly dipped below the previous daily low by taking liquidity before bouncing back higher. It's important to note that the price is still trading within the previous week's range. Currently, as the market is bouncing between the top and bottom of the range, the failure to break below the support level at 2620 suggests that buyers may attempt to retest the resistance areas. My goal is resistance zone around 2679


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Nov 29

Trade active

The gold market has formed a triangle pattern, which has recently been broken. Following this breakout, the market made an impulsive move above the 2650 level. However, the last daily candle is a doji, indicating indecision in the market after a sharp move on Monday. The market has also moved above the highs of the previous two days. Today's candle may also develop into a doji. Nevertheless, if the market holds above the support level, we can anticipate a continuation of the current trend, as the triangle pattern typically signifies a continuation. My goal is resistance zoen around 2684