25 January, the gold market experienced a significant drop. It left its upward trend and now the XAUUSD is behaving differently. Instead of rising or falling sharply, it’s just moving sideways. My observation is that news events have a strong impact on how the market behaves. When there’s no major news, the market tends to not show much change. It usually remains within a certain range of prices.
XAUUSD Context
A short while ago, the market showed a misleading pattern. This pattern is known as a fakey setup. It gave traders the impression that the price was about to break out from the pattern established last week. However, this breakout didn’t actually happen. Looking ahead, I’m expecting the price to slightly rise back towards the resistance zone. If I see a strong trading signal there, I plan to sell.
XAUUSD Trading Idea for 25 January 2024
I’ve set a personal goal in my trading strategy. My aim is to reach the support level at 2008. This is the point where I believe I can make a successful trade.