The gold market successfully bounced off the significant psychological support level at 2000, forming a long-tailed bar in the process.
As things currently stand, it is likely that the market will continue to range around the 2000 mark before potentially moving higher, unless there are significant changes in the fundamental factors.
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It is worth noting that price action closed above the range zone, indicating the formation of a strong support level.
Furthermore, the price retested the range and was rejected, adding further weight to the support level.
Based on this analysis, I anticipate a long trade opportunity from the support level.
Especially if the price demonstrates a fake break or forms a double bottom pattern.
With that in mind, my target is set around the resistance level at 2035.
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