The price movement perfectly aligned with my last prediction. It dropped sharply from the resistance zone and hit the target I set. Specifically, XAUUSD went through a significant fall on 3 January. First, it broke through the support level. Then, it continued to drop and went below its previous lowest point. But it didn’t stay below this new low for long. This pattern suggests that we might see the price moving sideways for some time.
XAUUSD Context
On the daily chart, there is a noticeable bearish long-tailed bar. This bar suggests that the price might drop further. If things go as I predict, the price will continue to fall and break the daily low. But there’s another possibility. The price might not continue falling much further. Instead, it could start moving sideways. It might even climb back up to test the 2088 resistance level again.
XAUUSD Trading Idea for 3 January 2024
I aim for the 2052.00 support level as my target. I expect the price will eventually reach this level. My expectation comes from the recent bearish indicators and the overall direction of the market that I have been tracking. I am closely watching these signs and the market’s movements to make informed decisions about my target. My focus is to catch the right moment and position based on the market’s ongoing trend.