On the day of 14 February, XAUUSD’s trading activity grabbed my attention. The price initially took a dip after breaking through some crucial levels. This movement makes me believe that a slight rebound at the channel’s boundary might be on the horizon. The daily chart reveals a zone where buyers often enter the market. This buying zone has consistently propelled the price upward, triggering a robust upward trend.
XAUUSD Context
Every time the market has interacted with this zone, it has left a noticeable impact. For those looking to buy, we need to identify key signals. One such signal would be a decrease in the upward momentum at the support level. This would suggest that the sellers are running out of steam. Another scenario to watch for is if the price begins to stabilize and then moves sideways. Such a pattern could precede a rise in price.
XAUUSD Trading Idea for 14 February 2024
My target for 14 February is to hit the resistance level at 2006.