On 19 February, the price of XAUUSD matched exactly what I had predicted. Initially, the market bounced up from the support level, leading to an upward movement in the price. Specifically for XAUUSD, it created a rejection bar at the support level. This action captured liquidity near the very important 2000 level. After this, XAUUSD set a new low point and then executed a 1-2-3 pattern on the 1-hour chart.
XAUUSD Context
I believe that XAUUSD is likely to move back down towards the support zone, which is between 2012 and 2013, before it starts to climb again. There’s a good chance that XAUUSD will form a ranging pattern below the level where it had previously made a significant jump upwards.
XAUUSD Trading Idea for 19 February 2024
My aim is to reach the area of the previous resistance zone, which is around 2029.