GOLD → The price enters a new range of 2050 - 2070
Updated
XAUUSD is breaking through resistances. Yesterday the US GDP was released, which showed weaker data than the market expected and this is favorable for the gold price. In part we were prepared for it. The
DXY is breaking the pattern and retesting key support. High odds are high that the decline and weakening of the index will continue. Hence, it is bullish for gold to overcome the pattern and range resistance. Gold in a bullish move breaks through the limit barrier and consolidates above the mentioned line. Ahead of us today is the news at 13:30 GMT. I don't think they will change anything after the US GDP. Analysts expect the publication of about the same data as last period (with a slight correction). Volatility may increase in the market, be careful during trading.
Gold enters a new range of 2050 - 2070, the intermediate target is 2062.
Support levels: 2050, 2048
Resistance levels: 2062, 2075
I expect the continuation of growth even after the news, as yesterday's news defined the medium-term potential for the market. Targets are indicated on the chart. A pullback from 2062 to support before further growth is possible.
Regards R. Linda!
Note
Ahead of us today's news at 13:30 GMT:Core Durable Goods Orders (MoM)
Core PCE Price Index (MoM)
Core PCE Price Index (YoY).
It won't play much of a role after GDP, but still, it's news and you need to be prepared.
Analysts expect about the same data as in the previous period (with a slight correction).
Higher than expected figures will have a positive impact on the dollar, while weaker data will strengthen the dollar's decline.
Trade closed: target reached
The first target has been reached. Next is 2075
Great growth after breaking the resistance of the mentioned range.
The price passes 200 pips but the target is even higher.
Today the price may test 2075.
From 2075 may be followed by a correction or a pullback to support
Trade active
A correction to the previously broken range boundary is forming. Pay attention to: 2054, 2050, 2049, 2048
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