GOLD → False breakout 0.618. What should we prepare for?
XAUUSD on the daily timeframe shows an interesting situation, which can be confusing for those who set big targets for the price rally, which ended with a false break of resistance 1981.6The price within two weeks is forming a strengthening , investors and whales were talking about big plans, but at the same time the dollar reversed to appreciation and this situation formed a false breakout of a key resistance level on the gold chart.
Since at the moment the price is in the range of 1981 - 1935, most likely after the retest of resistance the price may go down to the support. Three bearish candles are formed, each new candle closing below the previous one. The chart gives us a strong bearish wave.
In the coming week a lot of strong news is published and the market may be quite shaky.
It is worth paying attention to:
- FOMC Statement
- Fed Interest Rate Decision
- FOMC Press Conference
- ECB Interest Rate Decision (eur)
- GDP
- Initial Jobless Claims
- Core PCE
These speeches and press releases can give a medium-term view of the market behavior.
The price tested 0.618 fibo and the market did not allow gold to pass this area. Consolidation is formed in the red zone, this fact can be interpreted as a readiness of the market to decline.
Regards R. Linda!
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