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Gold Spot / U.S. Dollar
Short

GOLD → The market is waiting for the news. What could happen?

By RLinda
Updated
XAUUSD in consolidation ahead of the news. The price after strong sell-offs is accumulating potential, traders are not doing anything yet, at the same time the dollar is breaking trend support.

snapshot

Stalemate situation. A consolidation range is marked on the main chart. It is acceptable to trade from the boundaries of the range either breakout or false breakdown.
The complexity of the overall situation is that the news is an unpredictable part of trading. On the technical side: Gold is weak, there is no strong buyer in the market yet (Maybe they are waiting for news). But based on TA, I would see the market as preparing for a break of 2325 followed by a fall to 2300-2275. Fundamentally, the US still has high inflation and the regulators will not let the dollar fall much. DXY is breaking the upside support (which is supposedly a downside signal) but it still has not reached the support and liquidity zone, which is also a sign of a strong index.

Resistance levels: 2341, 2351
Support levels: 2325, 2315

Based on the technical behavior of the gold price, a break of 2325 and consolidation of the price below this area will provoke sales. Breakout of 2345-2350 will provoke buying. The situation is complicated by the upcoming news.

Regards R. Linda!
Note
Price is heading towards the resistance of the range
Note
Key Resistance Retest 2354
Chart PatternsDXYFibonacci RetracementFLATFundamental AnalysisGC1! (Gold Futures)GoldSupport and ResistanceTrend AnalysisTrend Line BreakXAUUSDZigzag
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