Lingrid | GOLD channel BREAKOUT. Short from RESISTANCE zone

31 dic 2024

XAUUSD market dipped below the 2600 support level before bouncing back to test the resistance zone. It also broke and closed below the upward channel. Now, the price is near a swap zone where it has changed direction multiple times. I think the market will keep pushing down from here and will likely retest the recent support level. Since the price has fallen from this level before, there's a good chance it will do so again. I expect the price to continue consolidating and retest the support level following the rebound. My goal is support level ay 2600

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

1 gen

Trade attivo

The market initially moved lower; however, it bounced back and reached the resistance zone I highlighted yesterday. There are several doji candles forming at this level, indicating indecision at this level. I think the market is aiming to retest the higher resistance zone at 2630, where it previously dropped and created impulse legs. Given that the market is still in a consolidation phase, if the price rejects the resistance zone, I expect it to bounce off the channel border. This could present a potential short opportunity as the market seeks to continue its downward trend. My goal support zone around 2612.700