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Gold Spot / U.S. Dollar
Short

GOLD → Trading within the range between levels

By RLinda
Updated
XAUUSD is forming a correction after a false breakdown of the resistance of the range. Against the backdrop of a strengthening dollar index, pressure from resistance appears in gold.

snapshot

The market is starting to bet that the Fed will not cut rates this year. At the same time Bostic (Fed) said he now expects only one Fed rate cut this year following Powell's comments about a pledged 0.75% cut in 2024.
Gold on D1 in the 2195, 2148 range. The candlestick setup is bearish and most likely inclined to see the decline continue. The target in this case is the area of 2150-2145. On H1, the market is forming pressure from sellers on the background of strengthening dollar index.

Resistance levels: 2172, 2177
Support levels: 2166, 2156, 2150, 2144

Technically, within the range gold may test the liquidity area 2150-2145 as it is a tidbit for both market maker and traders at the moment

DXY GC1!

Regards R. Linda!
Note
snapshot
Consolidation within a range. The session is calm, but a strong buyer does not let the price go beyond 2166 yet
Note
Inside the channel 2200-2150 the price can behave any way it wants. The role of such channel is consolidation.
Therefore, a lot of orders are generated inside, and chaotic movements controlled by a big player allow to collect liquidity at the expense of this mass.

Local growth allows liquidating sellers and gathering buyers in the zone 2175-2180.
Chart PatternsDXYFibonacci RetracementFLATFundamental AnalysisGC1! (Gold Futures)GoldSupport and ResistanceTrend AnalysisTrend Line BreakXAUUSDZigzag
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