Weakness in Gold on the opening is creating a trading range

20 พ.ย. 2023

XAUUSD
The Asian opening session offered a promising $10 Long opportunity, rebounding from the 1975 Demand zone.
Despite the positive momentum able to counter this corrective wave, the Morning Opening Gap on the downside, coupled with a rejection of the 1985 consolidation zone, could pose a headwind for reaching the anticipated upside targets of 2000 and 2009.

Observing a hesitant Price Action, I am awaiting another test of the 1975 level for a more favorable entry point for new Long positions on Gold.

It is worth noting that a breakdown below 1972 may trigger a more corrective downside move towards the 1962 price level.

20 พ.ย. 2023

บันทึก

As you can observe in the updated chart, Gold is once again approaching the 1975 Resistance zone, as I mentioned earlier. I will exercise caution in my entry, as the Price Action has broken down through the ascending support in this new corrective slope.

20 พ.ย. 2023

บันทึก