GOLD → A correction before further growth? for FX:XAUUSD by RLinda

GOLD → A correction before further growth?

has been forming a small correction towards liquidity zones since the opening of the session. On the background of strong bullish trend it is quite logical scenario before the news publication.

The dollar index is testing a strong resistance before the news and a correction is possible, which will only strengthen the growth of gold. But, it is impossible to determine in advance what kind of news it will be (bullish or bearish for the dollar). Traders expect bullish: ADP NonFarm, ISM PMI, and bearish: SP PMI. Also, the big question is what Powell will say tonight....
Technically, gold is still in a bullish trend. And it may continue after a correction.

Resistance levels: 2288, 2300
Support levels: 2265, 2253, 2228

Technically, the market is bullish. A retest and false breakout of one of the above areas could strengthen the price again. But, the structure may break when the channel resistance (as support) or 2228 is broken, in which case the correction will be prolonged to lower zones.

Regards R. Linda!

Note

Bounce from 2265. 2300 will be reached soon

Trade closed: target reached

Note

False breakdown of the psychological level 2300
Possible correction

RLinda

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