GOLD → Strong zone retest. Bounce before further growth

18 thg 10, 2023

XAUUSD is breaking out and is about to test a key area of liquidity at the moment. What can we expect to see from gold going forward?

On the chart I have marked such important levels as 1953 and 1946.7. This is a rather strong resistance area forming a global sideways range. After a long retest, the price is highly likely to fail to break this level the first time and may form a correction to the support. But in the near term, based on fundamental factors and market sentiment, we can assume that the growth will continue after the pullback. In the medium term, the price may test the 2000 area, but we are interested in cheaper zones to start with.
Moving averages support the bullish trend.

Support levels: 1928
Resistance levels: 1946, 1953

Since we have a strong trend + distribution, this movement may continue, but after the retest of the mentioned resistance area. We will follow the price reaction to the area to make further conclusions

MGC1! GC1! XAGUSD SI1! US500 DXY

Regards R. Linda!

18 thg 10, 2023

Ghi chú

A false breakdown and another retest are being formed. If the price fails to renew the maximum and fixes below 1953, the correction to the support will begin to form