GOLD → 2685 breakout trigger. News ahead. A new conflict!
Updated
XAUUSD stops correlating with the dollar. The price is testing the key resistance at 2685. Bulls continue to test this area and accumulate the potential for a breakout attempt. Important news on jobless claims and retail sales are aheadChina's economic problems have a negative impact on gold as the country is the world's top gold consumer. At the same time, markets are resorting to profit taking on long USD positions ahead of the release of the most important economic data - the US retail sales report.
BUT! Another escalation, but in another part of the world: North Korea has declared South Korea an enemy and completely cut off transportation links with it. The markets are clearly not going to let this fact pass their ears.....
Technically, the buyers do not retreat from their intentions and continue to test the resistance with a breakdown target. A pre-breakdown consolidation and several possible scenarios are forming, no matter how many people don't like it.
Resistance levels: 2685
Support levels: 2674.5, 2665, 2658
A breakdown of resistance will trigger an impulse, and this is a logical scenario based on the technical situation on H1 (ascending triangle, accumulation and compression to the level).
BUT! The news can have an unpredictable impact. If gold forms a false breakout and goes back to 2674, having updated this low, the price may go even lower (to 2665, 2658), for liquidity, before returning to the way north
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Regards R. Linda!
Trade closed: target reached
The second target (2710) has been reached!
+250p
Note
On Friday we discussed the fact that geopolitics, the economies of many leading countries, and the course of rate cuts are favorable to the gold price.
This backdrop remains the same and gold as a safe haven is very much in demand.
Technically, the bull run is not over yet. the week, and Friday in general is closing very favorable and encouraging. The most likely scenario is for the rally to continue.
1) If the bulls get behind 2722 and hold their defenses above this zone, gold could reach 2725-2750 fairly quickly.
2) A retest of the support is possible in order to capture liquidity. The market may be interested in 2713-2704 before further growth.
Trade closed: target reached
Target reached!
+400p
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