8 January the price is currently matching what I had predicted earlier. It keeps steadily moving towards the specific support levels I have in mind. In the meantime, gold is engaging directly with the support. It’s also testing the lower boundary of its upward trending channel. Despite these downward movements, the price hasn’t yet fallen below the lowest points that were previously recorded in the one-hour and four-hour charts.
XAUUSD Context
I anticipate that the market might soon reverse its current downward trajectory. It might start moving upwards towards the resistance zone, which is located between the prices of 2036 and 2038. If the market starts to show any signs of weakness or a loss of momentum at this resistance level, I expect it to begin moving downwards again. This downward movement could be significant enough to break through the channel’s lower boundary.
XAUUSD Trading Idea for 8 January 2024
My goal is to reach the support level at approximately 2018.50. I am watching the market closely. I plan to observe how the price interacts with this support level very carefully. Based on these observations, I am prepared to adjust my strategies and make informed decisions about my next moves.