FX.co ★ king.zelda | XAU/USD, GOLD

Hello everyone! GOLD chart. Gold prices have settled within the range of the previous day as buyers hesitantly moved to the north, resulting in the formation of a relatively small bullish candle. Movement to the north began during today's Asian session, but so far the price has bounced off the resistance line at the level of 2400.00 according to my marking. Overall, there is nothing interesting for me today, and I will be monitoring the marked resistance levels and the resistance level located at 2431.60. There are two possible scenarios around these resistance levels. The first scenario is that the price will consolidate above these levels and move higher. If this plan succeeds, I expect prices to rise to the resistance line at the 2500.00 mark. Around this resistance line, I will wait for the formation of a trading setup that will help determine the direction of the trade. Of course, I acknowledge that there is a possibility of movement to the north towards the resistance level at the 2650.00 mark, but here it is necessary to assess the situation and depending on the news background added to the price action process and how the price will react to the marked distant northern target. Everything depends on this. An alternative price movement scenario to test today's resistance at 2400.00 or 2431.60 could be a plan with the formation of a reversal candle and a resumption of the downward movement. If this plan materializes, we will expect a reversal back to the support at 2319.40 or 2267.77. We will continue to look for bullish signals around this support line and expect a resumption of the market's upward movement. Of course, there is a possibility of targeting a more distant southern target within a deeper correction, but I have not evaluated this option yet. Overall, at the moment, I do not see anything interesting in the local plan. Overall, I lean towards continuing the global northern trend, but I would look for bullish signals to assess buying options and consider a blue corrective pullback to the nearest support level to the south.