Weakness in Gold on the opening is creating a trading range
Aktualisiert
XAUUSD The Asian opening session offered a promising $10 Long opportunity, rebounding from the 1975 Demand zone.
Despite the positive momentum able to counter this corrective wave, the Morning Opening Gap on the downside, coupled with a rejection of the 1985 consolidation zone, could pose a headwind for reaching the anticipated upside targets of 2000 and 2009.
Observing a hesitant Price Action, I am awaiting another test of the 1975 level for a more favorable entry point for new Long positions on Gold.
It is worth noting that a breakdown below 1972 may trigger a more corrective downside move towards the 1962 price level.
Anmerkung
As you can observe in the updated chart, Gold is once again approaching the 1975 Resistance zone, as I mentioned earlier. I will exercise caution in my entry, as the Price Action has broken down through the ascending support in this new corrective slope.Anmerkung
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