GOLD → Breaking the trend on Friday, BUT...
Updated
XAUUSD market is still bearish. Breaking through the resistance of the descending channel may not play a key role. The price is in a global wedge and we see a bounce forming from support. On Friday, we saw a strong rally that many did not expect. The price was bullish on the inflation related news. Looking at the technical picture some things might become clear.
Pay attention to the D1 chart below. A global wedge is forming. At the moment the market is still in a consolidation phase in a downtrend format.
The retest of the wedge resistance is forming. At the moment, there are no prerequisites for the price to break the resistance of the wedge in the area of 1935-1939.
Breaking through this area will form a strong momentum that will start to strengthen the price.
At the moment there is a high probability of price fall from resistance. Consolidation may continue.
The Fed is not going to cut rates, therefore, the strengthening of the dollar after a small correction may continue, and gold may fall in the medium term.
Support levels: 1912
Resistance levels: 1920, 1938
I expect a correction to the support and possible strengthening of the price to the resistance. If the price breaks through 1912, it will head towards the area of 1902.
Regards to R.Linda!
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