Lingrid | GOLD pullback and trend CONTINUATION Opportunity

1 ago

The price perfectly fulfilled my last idea. The July monthly candle closed very bullish, closing above June's high but failing to close above high of May. Nonetheless, this bullish close suggests that XAUUSD may target the 2500 level. Currently, the market appears to be pulling back following a strong bullish rally. The support zone between 2400 and 2415 looks like a potential area to consider long positions, if the price shows bullish signal. I anticipate a retest of the resistance zone from this support level, as we are observing a typical breakout-pullback-continuation scenario. However, there remains the possibility that following any news release, the price might dip lower. Overall, I'm optimistic about the potential for a bullish scenario, provided the support holds and confirms with bullish signals. My target is resistance zone at 2460.

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