GOLD → Gold is consolidating, there could be a lot of traps.

29 thg 8, 2023

XAUUSD updates the local high, forms a retest, but cannot pass the area. The price is forming a correction that may reach the trend support area

Within the medium-term perspective on D1, the price is forming a setup for medium-term sales, but there is no confirmation yet. On the local chart the price is in an uptrend and is preparing to continue rising. On the d1 chart on the left we see consolidation formation for 4-5 days, most likely gold may try to break the resistance to reach the liquidity area of 1925 and 1935, but from the mentioned resistance area in the medium term price may react in a bearish way. At the moment gold is slowly rising and at the same time forming strong bearish impulses, the market is saving energy to move in one direction or the other, partly the situation depends on the DXY dollar index.

Support levels: 1916, 1910
Resistance levels: 1920, 1925, 1930
I expect consolidation in the specified range, a false breakout of one of the trend boundaries or flat is possible, while the market is consolidating it is difficult for us to determine the exact future direction.

Regards R. Linda!