Long

GOLD → Correction Phase. Test of important support area

Updated

is in correction phase and is testing the area of 1950, there is a possibility that the price could go even lower, but I am questioning the behavior of , which is manipulating the market very actively.

Gold is reacting to the behavior of the $ which is testing a previously broken level. Yesterday everyone was waiting for Powell's speech, who didn't say a word about monetary policy (I have my doubts). Yesterday the index showed some patterns that could signal a possible fall, and this could be positive for gold.

Today Powell will speak again and the Initial Jobless Claims will be released, which is an important indicator.
In terms of technical analysis, the XAU may test 1945, 1932.9 (0.382 fibo) or even MA-200 as a false breakout in a correction before rising further.

I also found the picture on D1 interesting. The market is testing the previously broken area on the background of the rally. Most likely there may be an attempt to form a global reversal pattern. The price is in the green zone relative to the previously dominating bearish trend. The 1948-1935 area plays an important role as a support and liquidity area.

Support levels: 1945.8, 1932.9
Resistance levels: 1955.2, 0.236 Fibo

I assume that the correction is not over yet, as the news is still a few hours away and the market may shake. The dollar shows prerequisites for a possible decline, and gold is testing levels relative to which a setup for a reversal and continuation of growth may appear.

Regards R. Linda!

Trade active

An expected bearish candle is forming and today price is updating yesterday's low on the dollar index.

Gold is forming a rally. From 1944 the market has already passed 200 points

Still, the zone I mentioned has a positive effect on the gold price.

Note

A bounce off 1945 support confirms a key range:
resistance 1984, support 1945.
Now in the analysis we will start from this as the main pattern

RLinda

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