Lingrid | GOLD potential LONG from SUPPORT zone

The price perfectly fulfills my last weekly forecast. The market's rally has indeed reached its target, but I'm now cautiously watching for a potential pullback. With the XAUUSD already extending upside, it's not uncommon to see a retracement. The daily chart is showing a significant bearish divergence, which further suggests that we may see a reversal. If the market drops back to the support level and closes below 2430, it would be a failed breakout. However, given the strong bullish momentum, I think the market will seek liquidity near the support area between 2400 and 2430. I expect the price will bounce off the support level and then retrace along an upward trendline, ultimately leading to a bullish move. My goal is the resistance zone at 2465.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

Comment:

After reaching the critical resistance zone, the market has pulled back, with the price currently testing the support level at 2400 and the lower border of the upward channel. The double test of this support level suggests that the bears have been unable to push the price lower, indicating a potential turning point. On the daily timeframe, an inside bar formation is developing, indicating consolidation within the previous day's range. I believe that the market may continue to move upward, as the price took a liquidaty below the previous day's low.. If the market bounces off this support level, I expect a retest of the recent resistance zone and a subsequent bullish move. My goal is the resistance zone around 2460