XAUUSD Entry after resistance level bounce

We are currently on an uptrend channel (hitting its roof). In front of us is a major resistance area going from est. 1950 to 1965. Price action did test our resistance area and got an immediate pushdown of about 700 pips. This tells us we are rejecting further bullish movement. Right now it seems we can at least target 38.2% and maybe even go to 61.8% Fibonacci retracement . The tension between Russia and Ukraine will certainly have an impact on the price action so make sure you don't go all in and follow the news. The safest thing to do now would be to go for smaller price movements and catch smaller waves.

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Stay safe kings!

Kommentar:

It seems that on faster timeframes, price action is going for another retest of our area of resistance. This could be a potential entry point for us.