On 13 February, the gold market, referred to as XAUUSD, shows a decrease in its price. It continues to make lower lows, which means the price is going down within a specific pattern called a downward channel. After reaching a point where it could not go lower, known as the support level, XAUUSD starts moving up towards a resistance area. This area is at the top part of the channel. In simple terms, the price tried to recover but in a complicated way, showing a lot of ups and downs.
XAUUSD Context
I expect that soon, XAUUSD will try to break out of this pattern. This attempt might seem like it’s going to start going up beyond the usual range, an action often described as grabbing liquidity above the range. However, I predict that after this attempt, it will fall again. This fall will retest the highest price it reached the previous day, which was 2027.665. With the Consumer Price Index (CPI) data being released later today, it’s important that we are very careful with our investments.
XAUUSD Trading Idea for 13 February 2024
For 13 February, my target for XAUUSD is to reach the lower support level, which is at 2013. This means I believe the price will go down to this level.