XAUUSD has been testing the local resistance area since the opening of the session and forming a false breakout with subsequent decline, but at the same time a symmetrical triangle is forming on the chart. 
Idea: GOLD → When will the price come out of consolidation?
On D1 the market is still neutral, there is no strong news that would affect the price, but as we can see, gold is testing the global trend support. At the same time, the dollar index continues to form a bullish trend, which is bad for gold.
On H1, we can see the local trend change to a downtrend, but the continuation of the trend is hindered by the support of the symmetrical triangle. We have a chance to catch a breakout of this area. Consolidation of the price below the 2021 area will confirm the market sentiment, ready to decline to 2015-2010.
Pic: Sellers are testing strong trend support
Resistance levels: 2026.400, trend resistance
Support levels: 2021, 2015, 2010, 2004
The gold market is under selling pressure, buyers are trying to hold this pressure, but against the backdrop of a strengthening dollar, the bulls' strength is starting to wear off. Breakout 2021, then 2015 may trigger strong sell-offs on the background of possible liquidation.
DXY GOLD GC1! MGC1! Regards R. Linda!
Note
tradingview.com/economic-calendar/From the news today we should wait for 14:20 GMT - Bowman's FOMC speech,
16:00 - NY Fed 1-Year Consumer Inflation Expectations - possibly discussing inflation at the moment, this data may influence the FED's view before a possible interest rate cut.
Note
A retest of the triangle support I wrote about in the idea. A small bounce is forming on M5, if the price goes back to the support, it will increase the chances of a breakout
Trade closed: target reached
Target 1 reachedRetest 2015 ;)
Note
The support for the triangle is broken
Note
We were waiting for the fall. The fall came
150 pips.
The price is testing the support of the global range
Note
The local low to 2011.945 was updated on the background of the pattern support breakout. Correction is forming (false breakdown of 2015 level)
Note
Price is testing range resistance again
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.