GOLD → Price moves back into range. Waiting for a test of 2328

13. Mai 2024

XAUUSD returns to the range after a false breakdown of the liquidity zone. A strong sell-off phase is forming and price is heading towards a key support and liquidity area.

On local timeframes, reversal patterns cause price to test downside resistance and confirm its presence. False breakout provokes sell-offs towards 2328, this area is key for traders. The market maker is interested in a retest of the liquidity zone, relative to which a false breakout and growth towards range resistance can take place. In general, the market is still neutral-negative in the local perspective, accordingly, it is acceptable to consider both buying and selling intraday.

Resistance levels: 2352, 2378
Support levels: 2328, 2306

The correction will end only after breaking through the descending resistance (area 2365-2370), but at the moment the market is still in the correction phase, which is developing within the 4 wave.

Regards R. Linda!

13. Mai 2024

Trade ist aktiv

After returning to the channel, the price formed a correction to the range resistance. The next stop is the support at 2328

14. Mai 2024

Trade ist aktiv

Consolidation between local levels is being formed