XAUUSD is set to jump beyond $2000 resistance area

14 Okt 2023

I have been having this mind for a 1-2 months back, that XAUUSD might again go up reaching $2000 and possibly break up higher.

Here's the fact that I know:

• It has formed a bullish continuation pattern with a breakout of the local rejection channel. Price wasn't just reject the channel, it broke out confidently and buyers are in control these past few days.
  
• It has bounced from the support area formed in Feb-Mar 2023.
  
• There is a major resistance area around $2040 - $2080, that has been tested 3x (Aug 2020, Mar 2022, May 2023). See:
• A large potential Fair Value Gap (FVG) is about to form, which will gives us a good buy enter price at a discount price there. We will see this on roughly Tuesday (17 Oct) or Wednesday (18 Oct). I will be taking a BUY trade along this area. See:

There's also potential of fakeout where price will reject and continue downward and follow the same channel, but we'll see.

So, nothing to do for me as of now, just waiting (and practice patience).

20 Okt 2023

Catatan

WOW! Just wow...! the pullback wasn't touched at all, it goes straight UP! Lucky I caught the trade.