On the 16th of February, the XAUUSD price matched my prediction exactly. It reached the target I had set, doing so successfully. On that day, the price of XAUUSD began moving back towards a resistance area. This happened after it had crossed the significant level of 2000. This movement is a sign that the market is adjusting. It is moving in the opposite direction to the recent downward trend.
XAUUSD Context
There was significant news on the 16th of February that I believe could influence the XAUUSD price. If the DXY index increases, I think the XAUUSD price might continue its downward trend. If the market does not break through the resistance area located between 2015 and 2020, we should look out for a bounce back. This bounce back could lead the XAUUSD price to test the support level again.
XAUUSD Trading Idea for 16 February 2024
My objective for the XAUUSD on the 16th of February is to reach the support level that is around 1996. This level is important for my trading strategy.