Long

GOLD → Consolidation continues. What is the importance of 1984?

Updated

continues to form trading inside the sideways range. On the background of the decrease, the price of gold also opens the session with correction downwards, most likely the target is support before further growth.

Today at 19:00 GMT FOMC Meeting Minutes will be held, there is a chance that they may discuss the rate or medium-term monetary policy, but still, the chance that it will be lowered this year is very low.
On D1 we see a weak dollar, but gold is still not reacting, consolidation is forming. The 1984 resistance plays an important role for the market. In the short-term - pre-medium term, I expect a small pullback or consolidation near the level of 1984 with the subsequent formation of a retest of the level. Another test may lead to a breakout - it may happen soon enough.
Gold is still under the influence of increased interest and looks quite strong and set for further growth. Important goals for the moment : 1993, 2000, 2010. There is a possibility that the price may test 2050-2070 by the end of this year

Support levels: 1974, 1969, 1964
Resistance levels: 1984, 1993

I still stick to the fact that the price growth will continue and will finally go beyond the resistance of the current range. The short-term outlook is for a breakout of 1984.

Regards R. Linda!

Trade closed: target reached

The support level of 1969.9 plays an important role as 0.618 fibo passes in this area.
The area is quite strong and we see a corresponding reaction to a false breakout:
+ 240 pips
Resistance is tested, we are watching for further price reaction to the levels.

RLinda

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