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Gold Spot / U.S. Dollar

GOLD → Falling to a strong liquidity area. Retest of D1 support

By RLinda
Updated
XAUUSD has been losing ground since the opening of the session on the negative fundamental background, which has persisted since last week. The price continues trading inside the range.

snapshot

On the high timeframe the price is declining towards the ascending support line, most likely this area will be tested in the near future. But, as this support plays a rather important role in the market, we should expect a rebound from it, as there is no clear trend in the market and the range trading strategy has the advantage at the moment.
On H1, the price has been declining since the opening of the session and is heading towards 2016, from this area, technically, a correction to the strong liquidity area of 2031 may follow. The retest of 2031 and the price reaction will show the further direction, but the prospect is that the fall from this resistance will continue with the target at 2004.

Resistance levels: 2031, 2039
Support levels: 2016.8, 2004

As long as the price is inside the range and there is no definite trend in the market, gold may continue to hang around in this channel, trading between the same levels. At the moment there are no such prerequisites, so, for the time being, we should focus on the continuation of trading inside the sideways channel

DXY GC1! GOLD MGC1!

Regards R. Linda!
Note
The first phase is working perfectly. False break of support forms correction to the previously marked resistance.

We are waiting for the resistance retest and watch the price reaction to this level with a negative fundamentals background
Chart PatternsDXYFibonacci RetracementFLATFundamental AnalysisGC1! (Gold Futures)GoldSupport and ResistanceTrend AnalysisTrend Line BreakXAUUSDZigzag
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