As you're aware, I maintain my expectation for a significant correction in the price of $OANDA:XAUUSD. Despite this correction not materializing yet, my confidence in this outlook continues to strengthen each day.
Yesterday proved to be relatively quiet for XAUUSD, with the price exhibiting range-bound movements during both the London and New York sessions. However, overnight, during the Asian session, Gold experienced another spike above 2400. This upward movement was swiftly reversed, suggesting that it was driven primarily by emotional reactions to "war" news.
From a technical standpoint, the signs indicating a market top are becoming increasingly evident, especially following last Friday's blow-off top and today's reversal. Support currently rests around the 2365-2370 range, and once this level is breached, I anticipate a descent to 2325.
Furthermore, considering the broader market structure that would unfold if Gold reaches this level, a decline to the 2280 zone appears inevitable.
Any prices exceeding 2400 (if it reaches that level again) should be viewed as opportunities for selling.
Yesterday proved to be relatively quiet for XAUUSD, with the price exhibiting range-bound movements during both the London and New York sessions. However, overnight, during the Asian session, Gold experienced another spike above 2400. This upward movement was swiftly reversed, suggesting that it was driven primarily by emotional reactions to "war" news.
From a technical standpoint, the signs indicating a market top are becoming increasingly evident, especially following last Friday's blow-off top and today's reversal. Support currently rests around the 2365-2370 range, and once this level is breached, I anticipate a descent to 2325.
Furthermore, considering the broader market structure that would unfold if Gold reaches this level, a decline to the 2280 zone appears inevitable.
Any prices exceeding 2400 (if it reaches that level again) should be viewed as opportunities for selling.
Note
XauUsd is approaching important support.A rebound is possible from here considering strong support and the HUGE drop from today
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.