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Gold Spot / U.S. Dollar
Long

GOLD → Price in range, correction may go lower

By RLinda
Updated
XAUUSD is forming another range of 2050 - 2038. Retest of resistance failed to renew the maximum, thus the market may begin to form a correction to support.

snapshot

The DXY has been strengthening since yesterday on the back of positive US GDP data. The expectation was 4.9, the actual data: 5.2, which is positive for the dollar.
But the controversial situation here is that a more positive GDP has a greater impact not on the pricing of the dollar, but on the Fed's stance. Hence, with bullish data, Powell is getting closer to initiating policy easing and rate cuts.

Since gold is in a range and already testing the support at 2038, it seems that the correction phase can be stopped either at this level or test areas lower, for example: 0.382 fibo, 2035, 0.5 fibo or global trend support.
A strong rally ends with a correction and it is hard to say where this correction will stop.

Support levels: 2037.7, 2035, 2030, 2022
Resistance levels: 2050, 2052, 2059

There are important news today, it is worth paying attention to the Initial Jobless Claims, even relatively good news for the dollar (related to inflation) can weaken its price, as the market is waiting for news related to monetary policy.

Regards R. Linda!
Note
snapshot

Positive Initial Jobless Claims data strengthens the dollar, thus gold continues its correction. I warned to this.

Again, the situation is not changing trend yet. Price is within an uptrend. A false break of resistance sends price to support - a standard strategy. The potential is still bullish. Looking for strong support levels and watch for the emergence of a setup.
Note
snapshot
False breakdown?
What are your ideas?
Ascending ChannelBeyond Technical AnalysisconsolidationDXYFLATFundamental AnalysisGC1! (Gold Futures)GoldTechnical IndicatorsSupport and Resistanceus500XAUUSD
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