The current price closely matches the forecast I made recently. I have observed that the XAUUSD, which represents the gold price, has rebounded from a key support level and reached the target I envisioned. This upward movement successfully crossed a crucial price level at 2050, creating new highs in the process. In the market now, there is a consistent pattern of higher lows being formed. This pattern suggests a strengthening of the trend.
XAUUSD Context
Looking forward, I expect the price will soon form a triangle pattern at the resistance level. Triangle patterns in trading often signal that the current trend is likely to continue. My plan involves watching for any signs of a pullback to the established range zone and a solid support level. I am optimistic about the price’s potential to increase. This optimism stems from the noticeable bullish momentum that has been building up, particularly since the price broke out of its previous downward trend.
XAUUSD Trading Idea for 15 January 2024
I think it’s quite probable that the price will retest the peak it achieved last week. Following this peak, I anticipate a period where the price will fluctuate within a specific range before it begins its ascent again. My aim is to focus on the resistance zone at 2070. I intend to monitor the market’s movements vigilantly to see if they align with these predictions.