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GOLD → False breakout leads to counter-trend correction

2024-01-09 10:58 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → False breakout leads to counter-trend correction

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GOLD within the descending price channel forms a false break of support after which we see the strengthening, which began yesterday

snapshot

On the background of the downtrend the price forms a false breakdown of the level of 2031.8, after that during several hours the price fixes above this level, which forms a bullish position in the market. Within the current counter-trend correction, the price may reach the resistance of 2048 range or trend resistance. There are no important news that can affect the price today, most likely the price will continue its direction to the zone of interest, because above 2049 there is a large enough pool of liquidity. It is too early to talk about the trend change.

Support levels: 2030-2031

Resistance levels: 2039.3, 2049.3

The counter-trend correction may reach the mentioned trend zone. Further we should watch the price reaction to the mentioned resistance area as well as to the fundamental reasons, which can both break the trend and continue it

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