FX.co ★ king.zelda | XAU/USD, GOLD

In regards to gold on Friday, after updating the maximum of the previous daily range, the price bounced back forming a reversal candle pointing south. At the moment, I don't see anything interesting for myself regarding this instrument and overall continue to look north. As I have mentioned before, I am keeping an eye on the resistance level, which is marked at 2400, and the resistance level at 2431.590. Near these resistance levels, there could be two scenarios unfolding. The first scenario involves the price consolidating above these levels and further rising. If this plan plays out, I will be waiting for the price to move towards the resistance level at 2500. Near this resistance level, I will wait for a trading setup to form, which will help determine the further trading direction. Of course, I acknowledge that the price could be pushed further north towards the resistance level at 2600, but this will depend on the situation and how the price reacts to the indicated higher northern targets as well as the news flow during the price movement. An alternative scenario for the price movement when approaching the resistance level at 2400 or the resistance level at 2431.590 would be a plan involving the formation of a reversal candle and a resumption of the price movement downwards. If this plan is executed, we will expect the price to return to the support level at 2291.465 or the support level at 2267.780. Near these support levels, I will continue to search for bullish signals, anticipating a resumption of the upward price movement. Of course, there is a possibility of reaching a more distant southern target, which is marked at 2222.915, but even if the mentioned plan is realized, I will continue to search for bullish signals near this support level, expecting a resumption of the upward price movement. In short, for the upcoming week, I currently do not see anything interesting locally. Overall, I am oriented towards continuing the global northern trend, hence I am on the lookout for bullish setups.