GOLD → Market declines in steps - a strong hint
Updated
XAUUSD is moving in steps, gradually updating local lows, which speaks about the current trend. After another resistance retest, which failed, the price returns to the support and under the market pressure breaks the line
On the senior timeframe a sideways range is formed and the price is approaching the decisive support, a rebound before the breakout may follow.
On the local timeframe we see the breakout of another support line and the price decline to 1905 (at the time of writing the review). Most likely, gold seeks to test the liquidity area below the key low of 1903.8. (False breakout is possible). From this area the market is likely to form a correction to 1908 or to 1912 with the subsequent decline on the background of the downtrend and reaching again 1903 or even to 1889 in the medium term.
DXY does not give preconditions to fall yet and may continue its growth, for which XAU is preparing.Support levels: 1903.8
Resistance levels: 1908.4, 1912.8
I expect a retest of support, but the market will not break this level at the first time, but will form a rebound before a further fall.
Regards R. Linda!
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