GOLD → Waiting for a trap before a further fall

8 thg 8, 2023

XAUUSD is still testing trend support and testing the market reaction. The price is not able to grow at the moment and continues to update local lows

On the futures market, the price failed to pass through the 2000 area, on the spot market, the situation is simpler - we see a continued decline in price. The price is trying to get out of the descending price channel, but apparently gold is in the liquidity area, which does not let the price below 1930. A global upward shakeout may follow before a further decline. Or, if the price overcomes the resistance of 1943, then the market will enter a recovery phase and strengthen the price. The potential for growth to 1954-1970 will be opened.
At the moment consolidation below the support is forming - a signal for a possible sale. Medium-term outlook 1927-1970

Support levels: 1930, 1927.5
Resistance levels: 1943. 1954
I expect a shakeout or false breakdowns of the local resistance and if the price continues to consolidate below the support, the market will give us a drop. BUT! If the price returns beyond 1943, the growth will start within the descending channel

Regards R. Linda!