Lingrid | GOLD Buying OPPORTUNITY from Psychological Level

6 Nov

The price perfectly fulfilled my last idea. It hit target zone. XAUUSD bounced off the psychological level at 2700 after breaking out of the consolidation zone. Given that it has also broken the previous week's low, there is a possibility of a fake breakout at this level. It seems likely that the market may move sideways until the upcoming Fed rate cut decision is announced. This anticipation often leads to decreased volatility as traders await direction. If the market does pull back towards the support level and shows signs of rejection, it would strengthen the case for a move higher after the news is released. My goal is resistance zone around 2760

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻