GOLD → Change of Mood (local). Correction phase
Updated
XAUUSD is breaking the structure of the ascending channel amid the counter-trend correction of the dollar (fundamental reasons). Price closes in the range of 2526 - 2477, what could this mean?On D1, the market is bullish both locally and globally. But, fundamentally and geopolitically the situation is slightly changing, which favorably affects the dollar exchange rate, against which gold goes into a local phase of correction. There is low liquidity in the market today due to the closed US market.
On H1, the focus is on the resistance 2505 - 2510, sma. False breakdown and price consolidation below these zones will confirm the absence of bullish potential, which may lead to price correction towards the lower boundary of the key range.
Support levels: 2483 (D1), 2493, 2477
Resistance levels: 2505, 2510, sma
The focus is on the global range 2526 - 2477, the price continues to trade inside and does not hint at a possible exit from this channel, accordingly, it is best to use the inturidian trading strategy. The main target is liquidity below the key support zones
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Regards R. Linda!
Trade active
Consolidation is forming below the key trend line.Trade active
A retest of support 2494 is being formed. There are chances for breakout and decrease to the range boundary....Trade active
! Update !
GOLD is forming a local consolidation with gradually declining highs under pressure from the SMA 200 & 50 after breaking trend support. The dollar is forming a counter-trend correction at this time.
It is still unclear whether the decline in gold prices will continue as traders await Friday's NFP data.
Today, traders are expecting the release of the PMI index at 13:45 - 14:00 GMT.
A negative surprise from the PMI or a larger than expected slowdown in the index could revive hopes for a significant Fed rate cut. But attention should be paid to the actual data.
Technically, trading is inside the 2504 (2510) - 2493 range. The wider range is 2526 - 2477. There are no reasons to exit this range, so we consider trading inside the boundaries.
Resistance levels: 2504, 2510, SMA
Support levels: 2493, 2477
The price is testing strong resistance, a rebound and another retest of 2493 may follow, with the possibility of a breakout and decline, but it is necessary to follow the economic news, as a favorable tone may attract additional support and interest in the metal.
Regards R. Linda!
Trade active
False breakout of 2504 led to a retest of support 2494 = +100 pips!Trade active
Trade closed: target reached
Target 1, 2 reached! Trade active
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