GOLD → Traders consolidate ahead of news...

21 thg 8

XAUUSD is forming a trading range. The emphasis is on 2531 - 2485. On the background of profit-taking, before the news, the price may test the support before further growth.

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The fundamental environment is the same: tensions in the Middle East and focus on Powell's comments on Wednesday and Friday.
Today it is worth paying attention to the FOMC meeting, which will take place at 18:00 GMT. People are not interested in the rate cut itself, but in hints, comments and statistics.
Technically, the global bullish trend continues, but before the news traders are not ready to take any important actions to continue the trend. On the background of profit-taking or manipulation, the price may come down to liquidity zones before further rise.

Resistance levels: 2510, 2525, 2530
Support levels: 2495, 2488

The focus of his trading strategy is to build a bullish trend, which is still dominating the gold market. But, it is worth paying attention to the news.

Regards R. Linda!