Lingrid | GOLD formed A-B-C Retracement

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After consolidating for more than a week, XAUUSD broken through the consolidation zone and also broke the lows of the past two weeks, where I believe there is resting liquidity below. On the 4H timeframe we can see that market formed ABC pullback from the ATH level. Following the drop the market has tested the downward trendline, which marks the lower border of the bullish flag pattern on the 4H timeframe. This suggests that the price may first move upward to break upward above the resistance at 2620 and higher since it created a double bottom. I anticipate a bounce off the psychological level, followed by a possible retest of the bottom of the consolidation zone. My target is resistance at 2637


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The market has reached the lower border of a bullish flag pattern, which is often a bullish continuation signal. On the 1H timeframe, the formation of a double bottom (EQL) just above the 2600 psychological level indicates a potential reversal. However, it's possible that the market may dip below the 2600 level and equal lows to grab liquidity before upward move. Given the upcoming unemployment claims and CPI reports, there could be significant volatility, causing the market to spike either up or down. If the 2600 level holds as support, we can expect a potential rally toward the 2650 resistance. Conversely, if the market dips below this support, we might see prices around the 2580 level. Overall, considering the bullish trend, I anticipate that the price will likely move upward, but we should be cautious of the volatility surrounding the economic data releases. My goal is resistance at 2639

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Perfectly played out

+320 pips