GOLD → Correction Phase. How long will it last?

3 thg 1

XAUUSD is weakening on the background of growing DXY . At the moment, fundamental and technical indicators are diverging and the market is trying to collect maximum liquidity before further growth.



On D1 we see the formation of a false breakdown of resistance 2075. The market is in global consolidation, but locally we have a downtrend forming.
Technically, the price may test the local trend support, while the dollar seeks to test the resistance.
Within the downtrend range, gold may bounce from support to resistance. This range formation is likely to continue until the end of the week.

Support levels: 2048, 2030, 2010
Resistance levels: 2058, 2069, 2075

Fundamentally, the dollar has a weak support and should fall. But on the background of low market volumes, the market maker is collecting liquidity. It is likely that the gold may test the far support levels before rising further. Hence, the local bearish correction formation may continue until 2009 in the medium term.

Regards R. Linda!