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R.Linda Trading - forecast

GOLD → Consolidation continues

2024-05-09 08:47 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Consolidation continues. Support retest before growth

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GOLD continues to stand still. All the focus is on the range of 2328 - 2300

Consolidation continues as traders and investors in the general backdrop are still unsure which path to take.

Strategy:

As long as price is inside the range it is worth considering trading just inside these boundaries. These can be false breakout or bounce principles.

But, the breakdown of this or that border will cause the formation of an impulse (strong, as consolidation is formed and liquidity is collected) in one or another direction.

Reasons for further growth:

a correction within the fourth wave is forming. On the local timeframe there are signs of the end of the correction, it is necessary to wait for their confirmation for higher confidence. There is a possibility that the price is heading towards the support in order to capture the liquidity before further growth, as fundamentally and technically gold still has a high bullish potential

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