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Trading signals for #GOLD → Correction amid strong bearish trend

2023-09-29 13:04 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → Correction amid strong bearish trend

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XAU stops its fall after reaching our yesterday's target. After a false breakout of 1860, a counter-trend correction to resistance is forming. But why!?

The price cannot fall all the time, after a strong movement to one side or another a correction is formed to increase liquidity - complex mechanisms of market management by big players.

The price is approaching the area of 1875 - an important enough place to form further targets. Above 1878 a pool of liquidity is forming and most likely the price may form a retest or a false breakout before falling further. Maybe a sideways flat will form after a strong fall. But at the moment we have the background of a strong trend

Key resistance: 1875, 1878

Key support: 1860

In the long term I expect a continuation of the fall, the reasons for this are given in the early ideas. But a small correction may follow before a further fall

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#XAUUSD 👑

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