On 7 February, the price of XAUUSD met my expectations exactly. First, the price increased from the support level and then reached the target I had in mind. Now, XAUUSD is moving sideways. This is happening because it went back into its usual range zone. I expect it to continue moving sideways for a while. This is because the daily chart shows an inside bar pattern, which usually means sideways movement.
XAUUSD Context
If the market goes down to the support level again, there’s a good chance the price will start to go up. On the other hand, the market might not move in a clear direction and could be unpredictable. I think the price may drop a little below the recent high point before it starts to rise again.
XAUUSD Trading Idea for 7 February 2024
My aim is to see the price reach the resistance zone around 2045. This goal is based on the current patterns and market behavior as of 7 February.