GOLD → Price is testing 1912 support for a breakout
Updated
XAUUSD is preparing for further declines. Bears on the basis of negative fundamentals are not going to give up. Another retest of support is forming, which increases the probability of further downside
Closing of the daily candlestick on Tuesday is very close to the indicated level of 1912.5. The retest is formed - the market checks the support area. Price starts to consolidate below the local bearish resistance and near the level of 1912.5.
Based on the technical analysis we see a very high probability to break through the support (a deep false breakout is possible). But we consider support at 1895 as a medium-term target. But again, if today's news affect the gold prices and if the resistance is broken through, we might see an increase to the upper boundary of the range.
The moving averages are pointing to a global stop and an attempt to change the bullish trend.
Support levels: 1912.5, 1895.5
Resistance levels: 1917, 1920.
The retest gives a strong signal. For this reason, on the background of the falling market, I expect a breakout of the key support with a further decline to 1895.
Regards to R. Linda!
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