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Gold Spot / U.S. Dollar
Long

GOLD → Golden cross + 2x bottom = What to expect from XAU?

By RLinda
Updated
XAUUSD is shaking down, testing the support of 1957 on the background of news related to retail sales in the USA. An interesting set-up is forming around the support, and a struggle for further market retention is taking place between buyers and sellers.

snapshot

On D1, we see the gold price recovering on the back of the falling DXY . On Thursday, the market is buying back half of yesterday's decline amid the lingering impact of CPI, weakening inflation and in anticipation of Initial Jobless Claims, which may have a further favorable impact on the market.

From the technical analysis point of view, we see the forging of the local double bottom against 1957 and the appearance of the MA50 x MA200 golden cross, which opens additional leverage for the market, contributing to a possible strengthening of the price. If gold consolidates above the support of the current range - 1965 (1960), we will see the continuation of growth in the medium term.

GOLD → Is the bearish correction over?


Support levels: 1965, 1960, 1957
Resistance levels: 1969.9, 1974

Gold is still quite strong on the back of increased interest and favorable fundamental background. Consolidation above the above support area will give a good bullish potential and entry point for long positions.

Regards R. Linda!
Trade closed: target reached
snapshot

Have you seen GOLD?
It's beautiful)

The news came out worse than analysts expected. And that's good for us (+220 pips ;) )

PS: Initial Jobless Claims 231K instead of 220K expected

Gold may test 2000 soon.
Beyond Technical AnalysisDouble BottomDXYFLATFundamental AnalysisGC1! (Gold Futures)GoldgoldencrossTechnical IndicatorsSupport and Resistanceus500XAUUSD
RLinda
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