The negative correlation between gold and the
An interesting situation occurred on the monthly timeframe. February formed a huge, long-tailed bar that gives us a hint that the price may retest the all-time highs. Also, February was the first month that closed above the strong resistance that kept the price below it since 2020. On the 4H timeframe, I expect a pullback towards the support level. Possibly retest the previous highs or 38.2% Fibonacci retracemnet levels, then move upwards.
Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩💻
Komentar:
The price perfectly fulfilled my last idea from Friday. It hit the TP. After hitting the target, the market surged, reaching the key resistance zone. I think the market may form a range zone or doji candle on the daily timeframe. Overall, I expect a choppy market because we have strong resistance above and an impulse move from the support level. However, if the market rolls back the support level or previous higher high and then rejects, then we can look for buying signals. My goal is the resistance zone around 2110.
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