On 26 February, right after the market opened, XAUUSD’s price began to drop. It moved away from a resistance zone, indicating that it might fall significantly, perhaps down to the 2020 level. When XAUUSD’s price hit the 2030 support level, it showed a reaction. This suggests that if the 2030 support level can stop the price from falling further, we can expect the price to start climbing again. But, if XAUUSD’s price breaks through this support level and goes lower, we need to get ready for a steeper decline. Such a decline could push the price into another support zone, which lies between 2020 and 2022. Once the price gets to this zone, looking for signs that it’s a good time to make a purchase will be important.
XAUUSD Context
I also think that after reaching this zone, XAUUSD has a chance to begin its ascent again. It might even climb higher than the peak it reached last Friday.
XAUUSD Trading Idea for 26 February 2024
My goal is to target the resistance level at 2044.