XAUUSD market closed February with a significant pullback, creating a wick on the monthly timeframe that retraced over 50% of the recent bullish gains. On the weekly chart, price broke and closed below the lows of the previous two weeks, signaling bearish momentum after an impressive run of eight consecutive bullish weeks. This pattern suggests we may be entering a correction phase with potential for prices to test and possibly break below February's low.A critical development is the breakout of the upward trendline that had provided support for the past two months. Additionally, the market has dropped below the psychologically important 2900 level. Daily timeframe analysis shows that bearish moves are demonstrating greater strength compared to bullish rebounds.
The current price action might form an ABC correction pattern from resistance, with the A leg already in place. Should the market reject the resistance zone above Friday's high, we could see continued downward pressure and lower prices in the near term.
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The price is currently trading within Friday's range and it may approach the previous day’s high. Notably, the gap has been filled, and the market is heading toward the resistance zone between 2880 and 2890, which has been respected multiple times in the past. It's possible that the market could trade sideways until the New York session before attempting to retest this area. If we see a rejection candle at the resistance zone, I would expect the price to move lower, potentially targeting levels around 2800 or January high. My goal is support zone around 2820
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