Gold: Potential Correction After Testing Key Resistance Levels

22 Oca

hello guys!

Key Resistance Zone: The price has reacted strongly at this confluence of resistance, signaling the potential exhaustion of the recent bullish momentum.

Correction Scenario: A pullback to the breakout (BO) level, represented by the blue area, appears likely as the price consolidates below the resistance. This region could provide a strong support level, potentially around $2,710-$2,730.

Channel Dynamics: The price is still within an ascending channel, suggesting that a retracement would be corrective rather than a trend reversal. The lower bounds of the blue area or the midline of the channel could serve as dynamic support.

Confirmation Needed: If the price fails to hold above the BO level (blue area), the next support targets would lie near $2,678 (Fibonacci retracement zone), which aligns with the prior market structure.
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Strategy for Traders:

For Shorts: Short-term traders can look for rejection signals at the current resistance, targeting the BO level for potential profit-taking.

23 Oca

İşlem kapandı: hedefe ulaştı

almost the blue area touched!
close %80 of it