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Gold Spot / U.S. Dollar
Short

GOLD → Retest of liquidity area before further decline

By RLinda
Updated
XAUUSD is forging a local trend after a small correction on Monday. At the moment, as the prices are trading inside the flat, the target is the area of 2044-2048, from which a decline may follow.

snapshot

On D1 we see two key figures, which play an important role at the moment - resistance 2048 and the descending price channel, which characterizes the whole market at the moment. The price has been heading towards the target 2044-2048 since the opening of the session on Tuesday and with a high probability, within the descending price channel, a retest of the resistance may follow and a false breakout may be formed. Against the background of this movement we have no clear preconditions for resistance breakout, therefore, against the background of flat and descending channel I am waiting for the realization of the scenario "false breakout of resistance with the subsequent price decline to support"

Resistance levels: 2044, 2048
Support levels: channel support, 2025

The global role is played by the flat. Within the flat a bearish channel is formed on D1. That is, based on this set-up we can assume that we have a neutral-negative mood. Consequently, after retesting the liquidity area, the price may form a correction to the support

GOLD GC1! MGC1! DXY

Regards R. Linda!
Note
snapshot

Today from 13:30 GMT news is published that may affect the price.
On Core Durable Goods Orders, analysts are negative and expect bad data for the dollar index. The rest of the news is expected to be neutral.
But in general, the below-expected data will create a bearish sentiment on the dollar, and this will have a positive effect on the gold.
But, if the data comes out better than expected, the Dollar may get a bullish momentum and form a rebound from the support. Gold may start a correction to the support.
Note
A small correction is forming
Note
Retest of local price channel support
Chart PatternsDescending ChannelDXYFibonacci RetracementFLATFundamental AnalysisGC1! (Gold Futures)GoldresistnaceTrend AnalysisTrend Line BreakXAUUSD
RLinda
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