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Gold Spot / U.S. Dollar
Short

GOLD → Buyer imbalance within the range. Liquidation?

By RLinda
Updated
XAUUSD is testing resistance once again very slowly and gradually, protecting local support zones, below which a huge pool of liquidity is formed. What to expect from the market maker?

snapshot

On the background of growth and retest of the range resistance we see low volumes. The range is narrowing and technically this could indicate a willingness to break resistance. But I stick to the format that the market maker is gathering all buyers to further liquidate. The chart shows localized areas of liquidity and none of them have been tested in the last 2 weeks. The market will never let the crowd make money. A retest of the far resistance is possible before further liquidation of all buyers inside the range.

Resistance levels: 2195, 2212, 2222
Support levels: 2186, 2180, 2166, 2150, 2144

Technically, there is a huge imbalance of buyers inside the range, clearly, the market maker has a "liquidate buyers" item set on the checklist. Price is still in the range, and I am still waiting for a retest of the lower liquidity areas, which for many on the current chart may seem unacceptable. Let's see

DXY GC1!

Regards R. Linda!
Note
snapshot
There are several important news today: US GDP, Initial Jobless Claims and Chicago PMI.
These indicators can influence the medium-term outlook of the market.

Analysts expect GDP to be 1.7% lower than in the previous period. In general, it is possible against the background of the general environment and previous indicators, but the more likely scenario is that the actual data may be higher, which may favor the USD.

Initial Jobless Claims are expected without strong changes. Actual data could also be relatively neutral.
A reading above the expected 212K will be negative for the USD, and vice versa.
Chikago PMI is expected to be higher than previous but still poor relative to the neutral 50.0. The market is clearly struggling.

The dollar is in a bullish trend and continues to be supported by regulators on the back of general policy.
Note
GDP and Initial Jobless Claims are published with bullish data for the dollar.
The dollar index continues to receive support
Chart PatternsconsolidationDXYFLATFundamental AnalysisGC1! (Gold Futures)GoldSupport and ResistanceTrend AnalysisTrend Line BreakXAUUSD
RLinda
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