Lingrid | GOLD rebounded from the SUPPORT level. LONG

XAUUSD took liquidity below the weakly low. On the daily timeframe, the price formed an inside price action pattern. As we can see, the market rejected the support level by creating a long-tailed bar. Since we have upcoming news today, there is a chance that the price may pull back. I think the market might keep moving upward, approaching the resistance zone at 2350–2560 that was respected multiple times before. I expect the price to break through the range zone and move higher. My goal is resistance at 2360.


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

Comment:

The price perfectly fulfilled my previous idea. XAUUSD rebounded from the support level and moved higher. On the daily timeframe, we have a bullish, engulfing candle that absorbed the previous day range. The market, as you can see, broke and closed above the range zone after retesting the middle of it. I expect an upward move toward the channel border. Don't forget that today we have news releases that can change the price movement in any direction. My goal is the resistance at 2359.000