GOLD → Correction from the liquidity zone. Trap

3 окт. 2023 г.

XAUUSD is testing the liquidity area I mentioned yesterday. The mentioned levels are not target levels, but only on the way to the target. Gold does not reach the lower boundary of the zone and the market maker forms a trap

On the chart I have marked the liquidity area - quite a wide corridor and with a high probability the price should pass this zone, but at the same time the market maker should collect all the liquidity in this area. The obvious trap - correction to resistance - tells us that the decline will continue in the medium term. A candlestick pattern is forming on d1, which also hints to us about the continuation of further decline. The speed is quite high and there is no area on the way that could make resistance from the buyers and stop the market. The market is bearish, but even at such times the price can show a small counter-trend movement (correction) to rest before further movement in one direction or the other. I am still sticking with my target to 1812, 1807 and 1800. The moving averages are showing a strong trend

Support levels: 1812, 1815.3
Resistance levels: 1828, 1834.4

I am still of the opinion that the price will continue its decline. There are no setups on the chart at the moment that would predict an immediate rise

XAUUSD GOLD MGC1! GC1! XAGUSD DXY

Regards R. Linda!