10 January the price has successfully matched what I had predicted recently. At this moment, the market experienced a decrease and it successfully reached the level that I had targeted. Currently, the price is moving in a pattern that is not clearly up or down. It is maintaining its position within the range that was established on Monday. The price is now gradually moving back towards a crucial level. Simultaneously, it is following a path that is trending upwards.
XAUUSD Context
I hold the belief that if the market does not support the swing zone, there is a likelihood that it might start moving downwards. In this scenario, it would be heading towards the support level to see if it can hold. This possibility seems strong because, in the past, the price has recoiled from the resistance level on multiple occasions. This particular resistance level is quite significant and deserves attention. My current expectation is that the market will persist in its range-bound movement. I anticipate this pattern will continue until a distinct breakout occurs. This breakout could potentially be above the highest point of Monday or below its lowest point.
XAUUSD Trading Idea for 10 January 2024
My objective is to reach the support level, which I have set at 2015.