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Gold Spot / U.S. Dollar
Short

GOLD → Retest of resistance inside the range at the downtrend

By RLinda
Updated
XAUUSD continues to consolidate in the range of 2035-2020. It is likely that tomorrow's news may revitalize the market.

GOLD → Global trend is neutral, local trend is downward


Today the market continues to stand still, this can be seen in both the dollar and gold. Consolidation continues as the market is still uncertain with the future outlook, this could continue until tomorrow as tomorrow's news is Initial Jobless Claims, GDP, and the strength of these factors could determine the medium term outlook.
Technically, GOLD is still in consolidation, but within a downtrend. For now, we continue to emphasize the in-range trading strategy (buy and sell from consolidation boundaries or strong levels). Let me remind you that the global trend is neutral and this is an ideal nuance for intra-range trading. And the local downtrend indicates the approximate market mood.

Resistance levels: 2035, 2038, 2039.4
Support levels: 2025, 2020, 2018

A false break of support defines a local target in the form of resistance. A test of range resistance can form a sell signal. As long as the price does not break the trend or the range boundary, trading within this framework will continue

DXY MGC1! GC1! GOLD

Regards R. Linda!
Comment
snapshot
False resistance breakdown
Trading using an intra-range trading strategy.
Result: +225 pips
Comment
snapshot

Gold is breaking down through the 2025-2020 area. But it can still come back, as the price is within the range and there is no indication that gold may leave the downward channel boundaries in the near future.

The indicated levels: 2009, 2004 and the downside boundary may affect the price and form a bounce reaction or a false breakout before a correction.
Comment
Gold may test the lower trendline before rebounding on the back of impending news
Comment
Overall, today's news is strong for the dollar. It may strengthen the pair.
snapshot
Chart PatternsDXYFibonacci RetracementFLATFundamental AnalysisGC1! (Gold Futures)GoldSupport and ResistanceTrend AnalysisTrend Line BreakXAUUSDZigzag
RLinda
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