GOLD → Support breakout & consolidation. Fall after the shake-up

3 thg 8, 2023

XAUUSD is breaking the range support, and on the daily chart the price is testing one of the key support levels. Here the candlestick analysis indicates the preconditions for further decline

The price is breaking the support of the descending range. Consolidation of the price below the previously broken support is formed. Since the price is forming consolidation, most likely, while the market is gaining liquidity, false breakdowns (shake-ups) are possible relative to resistance and support of the conditional boundaries. On the daily timeframe, the price is testing 1935. The price on Wednesday closed quite close to the level, which indicates that the market is not ready to end the movement, it may continue.
Important news is published today. It is worth paying attention to: Initial Jobless Claims, S&P PMI, Non-Manufacturing PMI, these are the nuances we dealt with on Sunday. Moving averages act as resistance



Support levels: 1932.9
Resistance levels: previously broken trend support, 1938.5, 1943
I expect the decline to continue based on candlestick and technical analysis. The market has broken support and is most likely preparing for a continuation of the decline. But there is news ahead, it may change the situation significantly

Regards R. Linda!