#XAUUSD There is very important cpi news during the US session today, and gold prices may fluctuate violently. You need to pay attention.
We can see that gold prices are trading sideways in a downtrend. The 2040-2042 area is a very strong resistance area. I have the following two situations:
1/ If gold prices break through this area, a double bottom pattern may occur and gold prices may continue to rise to the 2058-2065 area. Here, you can open a short position if a candlestick reversal signal occurs.
2/If gold price cannot break through 2040-2042, then the price may continue to fall or move sideways. And prices may drop to 2015 levels. So today's key level area may be the 2040-2042 area.
I will watch price action in the 2042-2042 area to update on the next trend.
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The current trend following line drawn by I 2 overlaps and it seems that the price of gold is changing towards the target
Trade active:
As I said, gold did not break through 2042 and dropped to around 2015. Gold Price Now 2015. I also pointed this out on my channel