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Gold Spot / U.S. Dollar
Long

GOLD → Resistance breakout is directed towards a trend change

By RLinda
Updated
XAUUSD is finally confirming a trend change. The price passes through a key liquidity area and forms a strong momentum. What's happening?

GOLD → Difficult situation: price drop or breakthrough?


Pay attention to the D1 chart below. The price is breaking the trend resistance. A rather interesting picture is developing in which gold is gaining upside potential towards 2000.
The price is testing the resistance at 1959. Probably, the price can form a correction to the previously broken boundary and the chance for this is quite high. But with a strong consolidation of the price above the level of 1959, a bullish impulse to 1970 or even to 1981 will be formed.
The Fed is talking about rate hikes and aggressive policy, but at the same time inflation is showing a green signal and is starting to weaken from 4% to 3%. Investors and analysts are not expecting a long-term complication of the situation, the dollar is likely to continue to weaken.
The moving averages show a strong support area.
There is strong resistance at 1967 ahead. It is worth paying attention to it.

snapshot

Resistance levels: 1959, 1970, 1981
Support levels: 1955, 1945, previously broken channel boundary.
I expect consolidation relative to 1959. The market needs to decide on the potential. A correction is possible from the level, but if the bulls hold the area of the key level, the growth will continue.

Regards R. Linda!
Note
snapshot
Ascending ChannelBeyond Technical AnalysisDescending ChannelelliottwaveretracementFalling WedgeFibonacci RetracementFLATFundamental AnalysisGC1! (Gold Futures)Technical IndicatorsSupport and ResistanceXAUUSD
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