XAUUSD Continues correction
Hello friends.
Gold price at the beginning of the week just touched 2,370 USD, marking a decrease of 0.93% on the day but at the same time a marlin is gradually forming. Theoretically, the price should break the support, which would constitute a false break at $2361.
The H4 setup shows strong resistance from the market, with the current trend a price increase next week is possible but will not last long as it approaches the resistance level, there is evidence that when it continues As it continues to grow, it will quickly adjust downward as evidenced by the unchanged EMA 34.89. A flag is forming on the chart. A break of the current support will give impetus to lower levels.
I expect a correction after the false breakout. Consolidation below this level confirms that the market is ready for a correction.
Gold price at the beginning of the week just touched 2,370 USD, marking a decrease of 0.93% on the day but at the same time a marlin is gradually forming. Theoretically, the price should break the support, which would constitute a false break at $2361.
The H4 setup shows strong resistance from the market, with the current trend a price increase next week is possible but will not last long as it approaches the resistance level, there is evidence that when it continues As it continues to grow, it will quickly adjust downward as evidenced by the unchanged EMA 34.89. A flag is forming on the chart. A break of the current support will give impetus to lower levels.
I expect a correction after the false breakout. Consolidation below this level confirms that the market is ready for a correction.
Trade active
Comment:
Trade closed: target reached
Comment:
Currently, factors such as geopolitics in the Middle East region have also cooled down. However, gold may correct in the short term but will continue to go up in the medium and long term.
Comment:
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