Lingrid | GOLD price CONTINUES to MOVE SIDEWAYS

XAUUSD price is still moving sideways. The market is bouncing between range boundaries. The bulls failed to push the price higher at the top of the range, which might be a sign that the market will move to the bottom of the range. The market, as you can see, is consolidating around 2300 because the price usually moves sideways at key levels, which is basically the accumulation phase before the distribution. I expect it to go down to retest the support level and probably the downward channel border as well. My goal is the support level at 2283.


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

評論:

XAUUSD price formed a range zone on the 1H timeframe. As you can see, the market is bouncing between range boundaries. The price keeps bouncing off the resistance level at 2320. I think the bears are pulling the price lower because we have lower highs. On the daily timeframe, the price action created a doji candle, which is an is an indecision candle. I expect to grab the liquidity above the resistance zone and then move to retest the support level, which is essentially the middle level of the range zone below. My goal is the support level at 2290