29 January the market has crafted a pattern that is quite intricate and detailed. It has retreated, inching closer to a notable resistance area, specifically situated between the 2030 and 2033 levels. At this moment, the market is actively scrutinizing this particular level. This level holds significance as it marks the point where previously, the price had surged upwards in a noticeable manner. The price reacted to this level by making a rebound, indicating the level’s importance and influence.
XAUUSD Context
In the realm of news, today seems quiet with no major announcements or events expected to heavily impact the market. Based on this calm news front, my expectation is that the price will likely maintain a steady course, without major ascents or descents. It seems poised to meander sideways, avoiding any drastic changes in direction.
I am of the opinion that the market is on the brink of a downward trajectory. This descent might manifest as a deceptive breakout, giving the illusion of escaping the confines of the triangular formation I previously referenced. My anticipation is leaning towards the price taking a downward path, particularly after it confronts and is repelled by the resistance zone.
XAUUSD Trading Idea for 29 January 2024
As for my target, I have my sights set on the support level, which I estimate to be in the vicinity of 2015.100.