Gold's Reversal Signals: Why I'm Watching for a Drop Below 2700?

22 Eki 2024

Yesterday, I mentioned that a correction in XAUUSD seemed imminent, even though we didn’t yet have confirmation at that moment, and I emphasized that buying no longer appeared attractive at these levels.

Indeed, after reaching another all-time high of 2740 during the day, a strong sell-off followed, pushing the price down to the 2715 zone.

Currently, the bulls are back in control, but in my view, this looks more like a natural rebound aligned with the broader trend, rather than a renewed surge in buying interest.
The 2740 level now serves as significant resistance, and a fresh reversal from this zone could very well occur.

For the bulls, the key support level lies in the 2725-2730 range. A drop below this zone would signal the beginning of a potential new downward move.

From my perspective, I'm focused on selling opportunities.
A break below 2700, with a move toward the 2685-2690 support range, is what I’m closely watching for.

22 Eki 2024

İşlem aktif

XauUsd is in my sell zone given by yesterday's high.
I've opened a sell trade with a target in yesterday's low
CONFIRMATION FOR A DROP COMES WITH A BREAK UNDER 2730 THOUGH

23 Eki 2024

İşlem kapandı: durdurma seviyesi

SL hit.
In spite of this outcome, I still belive a strong retracement will follow, so, I m looking to re-enter