GOLD → Retest triangle resistance. Next, 2500 or 2400?
Updated
XAUUSD is strengthening after retesting support at 2440 and false breakdown, heading towards ATH. Buyers are keeping the market from falling, forcing the price to bounce off the local range support. It is worth emphasizing the strong bullish trend and continued retests of triangle resistance, which only increases the chance of a breakout and upside.
The gold price has been strengthening since the evening session, despite strong US data (for Thursday) being the latest boost to dollar buying, especially after an inflation report earlier this week that cast doubt on the possibility of an aggressive Fed interest rate cut in September.
Special emphasis on looming geopolitical tensions in the Middle East, which continues to support sentiment around the hedge asset
Resistance levels: 2464, 2477
Support levels: 2458, 2450, 2440
Emphasis on both the boundaries of the above range and internal levels. If the bulls hold 2458, their further target will be the resistance 2464, the breakdown of which will lead gold to ATH. And in this case the market will start testing 2477 for a breakthrough and growth.
If the bulls show weakness, the market may make another attempt to retest the support before further growth.
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Breakout!
ATH Update
Target 2500, 2510, 2025
Trade closed: target reached
2500!Note
+600 pips (idea published on August 15)
Spot gold updates all-time high.
The session closes promisingly. We are waiting for the continuation of the rise
Trade active
Gold is testing 2510
Friday's close at the high of the day, which can be interpreted as “the move is not over yet”
There is also no volume, indicating that there is no seller.
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