GOLD → Correction amid strong bearish trend

29 de set. de 2023

XAUUSD stops its fall after reaching our yesterday's target. After a false breakout of 1860, a counter-trend correction to resistance is forming. But why!?

The price cannot fall all the time, after a strong movement to one side or another a correction is formed to increase liquidity - complex mechanisms of market management by big players.
The price is approaching the area of 1875 - an important enough place to form further targets. Above 1878 a pool of liquidity is forming and most likely the price may form a retest or a false breakout before falling further. Maybe a sideways flat will form after a strong fall. But at the moment we have the background of a strong trend

Key resistance: 1875, 1878
Key support: 1860
In the long term I expect a continuation of the fall, the reasons for this are given in the early ideas. But a small correction may follow before a further fall.

Regards R. Linda

29 de set. de 2023

Nota

Target reached ;)

29 de set. de 2023

Trade fechado: objetivo atingido