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

2024-05-13 11:50 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

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

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GOLD 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

GOLD → The bulls are back, the market is recovering. Is it 2400?

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.

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