GOLD → Resistance breakout in the absence of volumes
Updated
XAUUSD is breaking through several resistance lines. But there are a few nuances that hint that this breakout may be false. Pic: Global range and no clear strength among buyer or seller[/I]
On the two charts from the high timeframe, we see a breakout of resistance. Technically, we should expect further growth. But I am very much confused by the lack of volumes. This fact suggests that traders do not support this movement, which can be formed with manipulative sense before the flow of strong news on Wednesday, Thursday and Friday.
Pic: Growth and resistance breakout amid weak volumes
Technically, the Market Maker may test 2045 and 2048.8 as this zone is also an area of interest. But there is still a high chance of a false breakout with further decline.
Resistance levels: 2039.4, 2045, 2048.8
Support levels: 2035, 2030, 2025, 2020
The situation is tense. The market continues to stand still before strong news. Within the current range, we should expect trading to continue inside its boundaries. However, at the moment, there is still pressure from sellers on the back of a strong dollar
DXY XAUUSD GC1! MGC1! Regards R. Linda!
Note
We expect a lot of news in the second half of this week. Gold is slightly strengthening amid the volatile situation in the Middle East and the Red Sea, while the dollar index is also rising.
Traders are waiting for the Fed speech, Initial jobless claims on Thursday and on Friday we get NonFarm Payrolls. Markets widely expect the Fed to discuss interest rates at its two-day meeting, but the focus will be on Powell's comments.
There is a possibility that the metal could weaken ahead of the two-day FOMC meeting that begins today. The Fed may continue to take a tough stance against excessive dovishness. Another key point of interest is the US Treasury's quarterly refinancing announcement on Wednesday.
Note
Re-test 2048
Note
JOLTs Job Openings (Dec) 9.026M instead of 8.750MOverall this was decisive before the selloff from 2048
Note
Gold is testing 2048.77 before the news and on the background of manipulated growth
A bounce from resistance is formed and the price forms a pin bar.
The candlestick pattern does not play any role now as the market may get some strong news tomorrow.
Note
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NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
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🟢Free Telegram Channel:
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