On 21 February, the value of XAUUSD met the expectation I had set perfectly. It achieved the goal I envisioned. On this day, XAUUSD encountered a very strong resistance zone located between 2030 and 2035. This level has seen the market retreat before, leading to a significant rise previously.
XAUUSD Context
At this resistance level and along the boundary of the trading channel, the price began showing signs of what could be a bearish divergence. This makes me believe that the market is likely to retreat from this resistance level again. When examining the weekly chart, it becomes clear that the price had tested the high from the previous week and subsequently retreated.
XAUUSD Trading Idea for 21 February 2024
My target is now set on the support level, specifically around 2019.5, for XAUUSD.