Lingrid | GOLD tested Previous WEEK Low

2024年8月6日

XAUUSD has a drop early Monday because of a global sell-off in risk assets, where gold typically gains value. However, the price fell below the psychological level of 2400 before quickly bouncing back and closing above it. On the weekly timeframe, the market took liquidity below the previous week's low and has since been moving sideways around the 2400 level. It appears the market has entered a consolidation phase, as evidenced by two rebounds from both the resistance and support levels. The daily candle also suggests a potential for prolonged consolidation withing Monday range zone. I anticipate the market may retest the Monday open price level. My target is resistance zone at 2440


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

2024年8月7日

註釋

GOLD is currently moving sideways, as I mentioned yesterday, and it seems likely that we will see a similar range-bound market today. On the daily timeframe, it made a fake breakout of the previous day's low before moving higher. The price is currently testing the downward trendline. If it breaks through this level, we could see a bullish move toward the previous day high (PDH). It appears that the market is forming a triangle pattern, which I would refer to as a compression channel. These price squeezes often lead to a breakout, which could occur either to the upside or downside. However, given the prevailing bullish trend, it seems more probable that the breakout will be to the upside. My target is resistance zone at 2438

2024年8月8日

註釋

GOLD has continued to move sideways, forming a triangle pattern as it consolidates. As I mentioned, this consolidation could lead to increased volatility, especially with the impending release of unemployment claims, which could influence market sentiment. The market's current behavior, characterized by higher lows and lower highs, indicates that it is squeezing as it accumulates liquidity above and below the psychological level of 2400. This build-up of liquidity suggests that we may experience some unexpected price movements, particularly if the news causes a strong reaction among traders. I expect that the market may move higher and potentially retest the open level from Monday. It will be crucial to monitor the reaction to the news and how the price interacts with the triangle's boundaries and the psychological level. My goal is resistaance zone at 2430

2024年8月9日

交易結束：目標達成

The price hit target zone