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Gold Spot / U.S. Dollar
Short

GOLD → Consolidation against an unstable background

By RLinda
Updated
XAUUSD continues to consolidate. The market is forming a range after the shakeout, manipulation by the frs, unstable fundamental environment. Let's get to the bottom of what's going on.

snapshot

The price is testing strong resistance on D1, but on the local timeframe both gold and DXY are in consolidation. Technically, the dollar is showing hints of possible growth, but the important news will be only tomorrow (December 21) and they are expected to be quite unstable. It is difficult to determine the outcome in advance, we will wait for the actual data.
Gold is testing the resistance 2048 - 2050, the third retest on D1, but the price does not reach a few tens of points to the maximum. There can be many reasons for this, and one of the serious ones is building a limit barrier due to strong sellers. But again, the price has not yet tested 2050 (no touch). It may happen before a possible rebound. Now there is also a possibility that the market may try to break 2050 and enter the range of 2050 - 2075. We continue to watch this area.

Resistance levels: 2048 - 2050
Support levels: 2038, 2030, 2020

From the point of view of range trading strategy, we should expect a fall after retesting the range resistance, as there is no actual trend and on the background of neutrality we can both buy and sell, but inside the range.

Regards R. Linda!
Trade active
snapshot
Gold is declining in today's session
fourth retest of 2030 support is forming
The market is preparing to break through 2030 and decline to 2020
Chart PatternsDXYFibonacci RetracementFLATFundamental AnalysisGC1! (Gold Futures)GoldSupport and ResistanceTrend AnalysisTrend Line BreakXAUUSDZigzag
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