FX.co ★ XAU/USD, GOLD

Good day! ???? Our beloved gold is still moving downwards. Could it be that we are experiencing a deep correction to the downside? We will discuss this further on the chart. ???? So, there is a level at 2324. It has been broken by the price to the downside. I am expecting a pullback to this level and a continuation of the downtrend. I will be looking to open a sell position at the level of 2324 with a stop order at 2335 to prevent the price from extending the drawdown in case the forecast is incorrect. Currently, we are seeing movement around the 2300 level, which is a bit concerning. As far as I know, the price may also continue to drop from current levels. However, I feel more comfortable entering a trade at a higher level and placing a stop order.

On the 15-minute chart, we can also clearly see a breakdown to the downside, indicating that the price is likely to test the 2325 level for strength before continuing the downtrend. To not miss out on profits and enter with a good setup, I recommend entering at the 2325 level with a stop order slightly above. These are my current assumptions regarding gold.