R.Linda Trading - forecast

GOLD → The correction continues. Test of strong support

GOLD Forecast
👑 Ideas For XAUUSD / GOLD

📈 GOLD → The correction continues. Test of strong support


GOLD continues to form correction. Price has been breaking through support since the open and is testing the key liquidity area formed on Dec. 4 $2,145 - $2,150
Overall, the price is not ready to go above the made high. Yes, there was an earlier breakout of the resistance level from December 2023, but there seems to be pressure from the resistance side of the market, this could be due to a strong seller or still no buyer. The candlestick setup indicates that the market is getting ready to go back beyond 2145-2150 and head towards lower zones like 2125, 2100, 2075.

On H1, a bounce is forming within the descending channel, the price may test the moving average zone or even the resistance zone of the channel before resuming the decline.

Resistance levels: 2156, 2162, 2172

Support levels: 2144, 2125

I expect a retest of resistance or moving averages after which the correction will resume. But the breakthrough of 2145-2150 may turn into a change of the local trend