11 January 2024 the price exactly matched the prediction I made earlier. I identified a resistance zone just yesterday. Following that, the price responded to this zone and bounced away from it. Right now, gold is moving in a sideways pattern. However, today, I have a strong feeling that it might break free from this sideways trend. The price seems to be under pressure. Typically, such pressure leads to a breakout.
XAUUSD Context
The resistance level has effectively blocked the price from going higher on two occasions. I am now thinking that the price might drop to test the support level once more. I base this thought on a long-tailed bar that formed at the resistance. This kind of bar often indicates that the price is unlikely to break through that level.
XAUUSD Trading Idea for 11 January 2024
My focus is on the support level. I am specifically targeting a value of 2023.7.