In my post from yesterday, I pondered whether the bulls still possessed the strength to drive the price to the psychological level of 2300, and indeed, they did.
Following a brief intraday dip, precisely to the 2267 support level mentioned in yesterday's analysis, buyers swiftly regained control and, as anticipated, propelled the price to 2300.
However, at this point, I believe the ascent has become overextended, and a correction appears imminent.
From a technical standpoint, the recent upward movement has formed a rising wedge pattern (though it remains unconfirmed).
This, coupled with the high likelihood of profit-taking commencing, suggests a correction is likely, potentially bringing the price down once more to the 2250 zone.
Furthermore, in the event of a more aggressive correction, we may even witness the price dropping to the pattern's target of the 2220 zone.
In conclusion, I am considering selling.
Following a brief intraday dip, precisely to the 2267 support level mentioned in yesterday's analysis, buyers swiftly regained control and, as anticipated, propelled the price to 2300.
However, at this point, I believe the ascent has become overextended, and a correction appears imminent.
From a technical standpoint, the recent upward movement has formed a rising wedge pattern (though it remains unconfirmed).
This, coupled with the high likelihood of profit-taking commencing, suggests a correction is likely, potentially bringing the price down once more to the 2250 zone.
Furthermore, in the event of a more aggressive correction, we may even witness the price dropping to the pattern's target of the 2220 zone.
In conclusion, I am considering selling.
Note
XauUsd is pretty volatile, which usually is an indication of reversal.However, I expect a spike above 2300 in stop hunting, dropping from this level being too easy in my opinion
📈 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.