Gold price growth strategy, target is 500 pips!
Hello dear traders!
Overall, XAUUSD experienced significant fluctuations yesterday, the price reached the 2354 level and retraced. But! As of now the market has quickly bought back the dip (making the 2350-2354 resistance level an interesting resistance between sellers and buyers). Breaking above this resistance mark will cause the market to rebound following the trend channel (according to statistics, the strongest volatility is after a false breakout), meanwhile, if sellers push back from this level, the market will capture short-term adjustments.
Regarding market information: Currently, a strong upward trend is being realized on the basis of news because gold is a safe haven asset amid concerns about economic recession and geopolitical tensions. treat.
From a technical perspective: The H4 setup, shows the market's resistance level around the upper limit of the Bollinger Band channel, gold could retreat from this level as mentioned before. It is expected that the correction will take place within the narrowing Bollinger Band range, trading will take place between levels. There is a high possibility that we will catch a market correction. I expect there to be a recovery after the correction and reach the limit on the official channel and retest the EMA 34.89.
Overall, XAUUSD experienced significant fluctuations yesterday, the price reached the 2354 level and retraced. But! As of now the market has quickly bought back the dip (making the 2350-2354 resistance level an interesting resistance between sellers and buyers). Breaking above this resistance mark will cause the market to rebound following the trend channel (according to statistics, the strongest volatility is after a false breakout), meanwhile, if sellers push back from this level, the market will capture short-term adjustments.
Regarding market information: Currently, a strong upward trend is being realized on the basis of news because gold is a safe haven asset amid concerns about economic recession and geopolitical tensions. treat.
From a technical perspective: The H4 setup, shows the market's resistance level around the upper limit of the Bollinger Band channel, gold could retreat from this level as mentioned before. It is expected that the correction will take place within the narrowing Bollinger Band range, trading will take place between levels. There is a high possibility that we will catch a market correction. I expect there to be a recovery after the correction and reach the limit on the official channel and retest the EMA 34.89.
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