ALPHA_CHART

GOLD price CONTINUES to MOVE SIDEWAYS

Short
OANDA:XAUUSD   Gold Spot / U.S. Dollar

XAUUSD
price is still moving sideways. The market is bouncing between range boundaries. The bulls failed to push the price higher at the top of the range, which might be a sign that the market will move to the bottom of the range. The market, as you can see, is consolidating around 2300 because the price usually moves sideways at key levels, which is basically the accumulation phase before the distribution. I expect it to go down to retest the support level and probably the downward channel border as well. My goal is the support level at 2283.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.