GOLD → Rally halted, price preparing for correction
Updated
XAUUSD is in the correction phase. A range between 2195 and 2145 is forming. On the local timeframe, the expected correction range is formed, and at this time the price is testing the psychological resistance level. The growth of gold stops. The price does not reach 2200. Obchms are declining, price is forming a consolidation or even a trading range. On H1 the price broke the support of the local ascending channel, which may start the correction to 2144. Another retest of the resistance zone or a false breakdown before further decline is possible. Below 2144 there is a liquidity area formed, which is of interest to the market and the price may test this area in the near future. Today at 12:30 GMT we are waiting for news that may give us a medium-term potential.
Resistance levels: 2175, 2185, 2195.
Support levels: 2157, 2144
Before the news, the price may test the resistance, but it would be logical to see further correction at these liquidity areas
DXY GOLD GOLD GC1! MGC1! Regards R. Linda!
Note
In general, quite an interesting situation. Nobody understands the specific reason for such a strong growth of gold just on fundamentals. On the background of huge outflows of GOLD-ETF the spot gold price updates ATH. Mystical.
Okay. Today at 12:30 GMT we meet the news. On Initial Jobless Claims, analysts are expecting about the same data as last week. But, based on the overall fundamental situation, the number of claims may be reduced, there is a chance to see IJC lower than expected, which would be bullish for the dollar.
Also, Core Retail Sales, Retail Sales analysts are expecting strongly bullish compared to last data. In fact, it is impossible to know in advance, so we will wait for the publication, as data above expected will be considered positive for the dollar, and below expected may weaken the index.
PPI is expected at the same level.
In general, it is a logical situation after the publication of CPI and inflation data.
Trade closed: target reached
Interim target achievedTrade active
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