GOLD → A false break of $2265 will lead to a retest of support
Updated
XAUUSD has been reaching 2265 since the open. The price is moving out of the ascending price channel, which indicates a strong bull market. But, there is a huge imbalance area forming below, which can be liquidated before further growth. The dollar is also strengthening and the market is waiting for bullish news on the index today. In this case it may give a small correction wave for the gold market. Moreover, there is a huge area of imbalance at 2265-2222, in which case it would be logical to expect a retest of the previously broken channel resistance or even key support before a further rise.
Resistance levels: 2265
Support levels: channel resistance 2245, 2222
Technically, we can expect a correction after the rally. The trend may continue from these support zones.
Regards R. Linda!
Note
Price is testing the previously broken channel boundaryNote
False breakdown of resistance of the channel News has a negative impact on gold
Trade active
The session may form a pin-bar in the format of a false breakdown of resistanceTrade active
Gold is testing channel resistance and forming a false breakout. The price still looks strong enough for further growth
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