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GOLD → One step away from a correction? What's going on?

2024-04-19 08:50 GOLD Forecast

👑 Ideas For XAUUSD / GOLD

📈 GOLD → One step away from a correction? What's going on?

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GOLD is stopping after a strong rally. The price tests 2400 and forms a local maximum, but what is surprising is that the market does not let the price beyond 2400 yet

snapshot

The market is starting to gain liquidity at the expense of the buyer. Price comes back into the range after attempting to break 2400 and eliminates the buyers. The first bells are appearing for a possible start of correction after a strong rally.

At the moment it is worth paying attention to the range 2365 - 2400, there is a chance that the price will stay inside this corridor for some time. Since the trend is bullish, we should still expect growth in the future, but there is a risk and panic area on the chart, if it is broken through, a deep correction to 0.382 Fibo or 0.382 on D1 may start.

Resistance levels: 2400, 2418, 2431

Support levels: 2365, 2300

The bullish trend is in priority and it is worth to build your trading strategy in relation to the trend. False break of 2365 and consolidation above 2372 may favor the growth, as well as break and consolidation of the price above 2400.

But the chart is beginning to show the preconditions for a possible bearish correction. We continue to watch the level of 2365. Breakdown, updating of the local minimum of 2352 and consolidation of the price below this area will form a downside potential

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