GOLD → Consolidation within a bullish trend. News ahead...
Updated
XAUUSD is forming a consolidation in the triangle format. Traders are in a stupor and are not ready to act prematurely before the news, but buyers are still quite aggressiveFundamentally, today's focus is on initial jobless claims, we have seen a decline in unemployment lately, which generally indicates an improvement in the environment, analysts expect the same “warm” figures. But, the main focus for Friday is Powell's speech, where further policy, inflation and regulator's actions will be discussed. Most likely, the current course of the markets may be strengthened.
Technically, the emerging above sma traygolnik on H1 is a “continuation pattern”, higher probability of resistance breakout. But, the news may affect the market more drastically, before further recovery (manipulation).
Resistance levels: 2510, 2519, 2531
Support levels: 2498, 2488
Emphasis on resistance breakout, bulls are serious enough. But on the background of news MM can form liquidation (longsqueeze) before further growth.
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Regards R. Linda!
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MM decided to form a long-squeeze.
The liquidation has passed.
The price is testing the trend support and forming a rebound.
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UPDATE!
GOLD is testing the support conglomerate: trend boundary and MA-200, forming a false breakdown after long-squeeze from 2490. There are important news ahead, which can either strengthen the current situation or blow up the market...
Geopolitical situation is at the same level.
Fundamentally and economically, we are interested in Powell's speech at 14:00 GMT. He is expected to give dovish signals regarding monetary policy during his speech.
Technically, gold after a false breakdown is returning to the channel and testing the resistance of the wedge, an important figure in technical analysis. The market feels the struggle for the zone of 2490 - 2500. Local and global trends are still bullish.
Resistance levels: 2500, 2519
Support levels: 2493, 2486
Emphasis on the wedge. The price can stay inside the boundaries as long as it wants, but a break of the resistance may cause an impulse that will send the price northward. Fundamental and technical background is favorable at the moment.
Regards R. Linda!
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Breaking pattern resistance and going up!
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Accumulation Realization. The price stops after updating the local maximum, but does not give a deep pullback.
There are promising premises on the chart
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! UPDATE !
GOLD is coming out of accumulation, which is another bullish signal. On Friday, on the background of Powell's comments, the DOLLAR continued to fall, as the market had previously waited for a positive background from the head of the Fed. This has a favorable effect on the metal price.
Fundamentally, the focus for the coming week is on US GDP and Core PCE. Also, special attention to the Middle East, where the already heated situation is still increasing interest in such hedge asset as GOLD.
Technically, on D1 the price buys out all of Thursday's decline (profit-taking) and closes above the previous day's opening, which is generally positive. On H4, the price tests the key resistance at 2520 and closes close to the level.
On H1, accumulation is forming. If Monday's opening is not unexpected, the price may continue to push the market and go to 2520 with the aim of breaking through and further growth.
Resistance levels: 2520, 2530
Support levels: 2500, 2493
Possible correction to the pattern boundary (at 0.5 fibo) before further growth and retest of 2520. But if from Monday's opening the price goes straight to 2520, it will be a good signal that the market is strong and ready to go to ATH.
Regards R. Linda!
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Since market opening, the price is testing key resistance for the second time. Gold is preparing to go higher on the background of dollar's fall
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