GOLD → The realization phase is taking shape. Target 2450?
Updated
XAUUSD is strengthening well on the background of weakening dollar index, related to fundamental reasons (news on inflation). Gold's strengthening may continue, but after a correction. Bulls are interested in 2378-2350 area. The main task is to take the defense above the key liquidity and support zones. Confirmation of the end of the correction phase on H4-D1 is forming and the market is moving into the bullish phase, forming a strong realization in the form of distribution. Practically, we should wait for support retest and consolidation above the level with the aim to continue growth towards 2400-2450.
Today at 12:30pm Initial Jobless Claims is published, analysts are expecting a decline in the index, which could be a bullish scenario, but actual data above 219K could weaken the dollar, while below it could strengthen.
Resistance levels: 2397, 2400
Support levels: 2378, 2352
The local correction phase may be stopped near the key levels, but it all depends on the news, if they confirm the general fundamental background, the gold growth will continue, otherwise, the local correction will drag down to 2350.
Regards R. Linda!
Trade active
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