GOLD → Correction to previously broken trend resistance
Updated
XAUUSD is declining. Bulls failed to hold the 2050 area, but most likely there is a reason for that: the liquidity zone is near the previously broken resistance, and the geopolitical situation is complicated by additional Fed comments. The dollar index consolidated below 102.6 for a long time and it was logical to realize that the market was unable to go up, until the Fed commented again: "rates should be kept at a high level for some time, it is premature to talk about the beginning of the Fed's rate cut in March". This is logical against the backdrop of the red sea crisis, which is also very much affecting inflation in the world.
BUT. It should be understood that this conflict directly affects the pricing of gold. High probability of appreciation of the asset.
Technically, gold is declining towards the previously broken trend resistance. The market may be interested in support at 2038.9 - 2032. A false breakdown could form a liquidity grab and a bullish momentum.
Resistance levels: 2050, 2064
Support levels: 0.382 fibo, 0.5 fibo (2038.9), 0.618 fibo
The growth of gold, as a security asset amid the crisis, may continue after the market retests the previously broken trend resistance
GC1! MGC1! 
DXY Regards R. Linda!
Note
as well as, today, being published:13:30 GMT: Core Retail Sales
13:30 GMT: Retail Sales
Analysts are not expecting a strong change in the data, but overall Retail Sales may give us more positive data
Note
As for the liquidity zone - I have marked on the chart as a blue zone. This zone of interest now can play an important role for the market maker.
When the trend resistance is broken, the market starts to define for itself the boundaries of a new range, either it is flat, or it is an ascending or descending channel. The upper boundary is defined, but as the lower boundary, the market is going to test the specified liquidity area
The support area may push price away as price heads towards a crossover area that has strength in the market: a previously broken downtrend line and a liquidity area.
We are keeping an eye on the 2037-2033 area.
Note
Gold is behaving in an extremely strange way. The market does not pay any attention to the conflict in Yemen, only commodities.
On the 12th there was an initial reaction in the form of a rally, but a few days later the price returns to the descending channel.
Well...
🌹TRADING is a CASINO💔!?
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel:
t.me/RLindaTrade
🔴Contact:
t.me/RLindaSignals
🧿Web: rlinda.com
NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel:
t.me/RLindaTrade
🔴Contact:
t.me/RLindaSignals
🧿Web: rlinda.com
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.