FX.co ★ XAU/USD, GOLD

In regards to gold yesterday, after updating the previous day's high, the price reversed and by the end of the day, a reversal candle was formed, pointing southwards, managing to close below the support level, which, according to my analysis, was at 2319.395. Honestly, I did not expect this scenario, but considering the current situation, I fully acknowledge that today sellers will try to push the price further south and aiming at, given the current trading situation, plan to hold the support level, which, according to my analysis, is located at 2267.780 or the support level, which, according to my analysis, is located at 2222.915. Near these support levels, two scenarios may unfold. The first scenario involves the formation of a reversal candle and a resumption of the uptrend. If this plan plays out, I will wait for the price to return to the resistance level, which is located at 2319.395. Upon the price settling above this resistance level, I will expect further northward movement, up to the resistance level at 2400 or the resistance level at 2431.590. Near these resistance levels, I will expect the formation of a trading setup to help determine the further trading direction. Of course, there is a possibility of achieving more distant northern targets, but I am not considering it at the moment as I do not see a perspective for its quick realization. An alternative scenario for price movement when approaching the support level at 2222.915 would be a plan to settle the price below this level and further southward movement. If this plan is executed, I will expect the price to move towards the support level at 2146.155. Near this support level, I will expect the formation of bullish signals, anticipating a resumption of upward price movement. In short, for today, I fully acknowledge the possibility that the price may be attempted to be pushed further south towards the next bearish targets, near which I will continue to search for bullish signals, expecting a recovery in the context of the overall northern trend.