On 9 February, the price of XAUUSD matched exactly what I had predicted. Following this, the market experienced a sharp decline, reaching the target profit level I had set. After this drop, XAUUSD went back to its usual trading range. I am expecting to see a reversal in the market soon.
XAUUSD Context
I believe that on 9 February, XAUUSD will continue to trade within this range. This expectation comes even though the price has been showing signs of strength by forming higher lows. Despite these signs, I am preparing for the market to be unpredictable. This unpredictability is due to the strong resistance we are facing above, coupled with a quick rise from the support level previously observed.
XAUUSD Trading Idea for 9 February 2024
My aim for XAUUSD on 9 February is to reach the previous high resistance area at 2042.600. I have set this target based on the possibility of the market attempting to break below the support level but ultimately failing, which would result in a fake breakout.