22 January the gold market is at a very important point right now. This point is a level where the price often stops dropping and might start to go up. We call this a support level. Recently, the price of gold, which we know as XAUUSD, has gone down. It went lower than its price on the previous day. Also, it dropped below a certain price area that we usually see. This area is known as the range zone. I believe there’s a strong possibility that the gold market will start to climb up a bit. The reason is that it has reached a point where, in the past, there was a rapid drop in price.
XAUUSD Context
There’s also a specific zone in the gold market where the price struggles to go higher. This zone is between $2030 and $2035. We call this the resistance zone. This zone has made the price of gold fall before. I think it might push the price down again, especially if the market begins to show weakness. This is likely because the price has already left a downward trend, which we refer to as a channel.
XAUUSD Trading Idea for 22 January 2024
My objective is to find a place where the price of gold can become stable and not continue to decrease. I am looking at a price around $2015.200 for this stability to occur.