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Gold Spot / U.S. Dollar
Short

GOLD → Resistance Retest. What are the chances of a FB?

By RLinda
Updated
XAUUSD is forming a correction and testing strong downward resistance formed from 2150. The chances of a breakout are a little less than a false breakout, which, at this point in time, we are betting on.

snapshot

On the senior timeframe we can clearly see that the price is testing a strong resistance area. There is no clear trend, something similar to a descending triangle is forming with the boundaries: descending resistance and support area 1980-2000.

snapshot

Technically, even the imposed sanctions on Friday did not show a proper market reaction. On the background of high rates and tight Fed policy, the gold market is still under the pressure of sellers. It is still worth emphasizing 2038.15 and the downside resistance. False breakout and price consolidation below these lines, followed by a downward breakout at 2031.16 may form a price decline to the support of the 2021-2015 range.

Resistance levels: red line, 2038, 2042
Support levels: 2031, 2021, 2015

At the moment we are betting on the formation of a false breakdown, as there are more preconditions for this than for the price to break this area. The market is still in a global flat

DXY GOLD GC1! MGC1!

Regards R. Linda!
Comment
A false break of the trend line is formed
Now it is important to wait for confirmation of the false breakdown
Trade active
A false breakdown was formed.
The market gave us a move of 100 pips

After reaching the local target a correction to resistance is formed. (resistance retest)
Comment
Resistance retest
Comment
Attempting to break the structure
Chart PatternsDXYFibonacci RetracementFLATFundamental AnalysisGC1! (Gold Futures)GoldSupport and ResistanceTrend AnalysisTrend Line BreakXAUUSDZigzag
RLinda
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