GOLD → Global trend is neutral, local trend is downward
Updated
XAUUSD continues to stand still, as does the dollar. The market is uncertain due to many different nuances, mainly fundamental and political factors. On D1 we can see that gold does not have any definite trend at the moment, on H1 there is a downward range, but it plays a mediocre role. Since for now gold is in the range of 2052 (2035) - on top and 2018(2009) - on the bottom, in our case it is better to look for strong support or resistance levels to trade the strategy inside the range. There are no prerequisites for a breakout of the boundaries at the moment, so with a high degree of probability the market will continue to forge price movement within these boundaries.
In the medium term, the further direction will be determined only by the breakthrough of one of the range boundaries, because now it is impossible to say clearly, as a symmetrical triangle is forming globally. Yes, there are prerequisites for both further growth and decline, but we need to wait for actual indications.
Resistance levels: 2035, 2050
Support levels: 2025, 2020, 2018
The moving averages indicate sideways movement, which is what we see. An intra-range trading strategy (from strong levels or range boundaries) is recommended. The global trend is neutral and the local trend is downward.
DXY GC1! GOLD MGC1! Regards R. Linda!
Note
There is a perspective to see a movement in the near future in this format:
1) retest of 2024.5 and formation of a false breakdown. This will provoke growth to the liquidity zone, located in the area of trend resistance, i.e. above 2039.4. The liquidity zone is located from 2039.4 to 2045.03. The market may test the resistance and liquidity zone in the format of a false breakdown, after which the fall within the current local channel may continue, because in this case the market may be interested in the area below 2004.4.
Note
Another possible scenario:
2) Retest of 2024.5, formation of a small rebound. The bearish pressure may stop the rebound in the zone of 2028-2032 (without reaching the liquidity zone). After that, the price will return to 2024.5 with a breakout target, which could trigger an impulse where the price could break 2020, 2018, form a consolidation below this area and head further towards 2004
Note
In general, since the price is in sideways movement and is forming consolidation, many possible scenarios can be formed. it is impossible to determine in advance how the price will go. Our task is to follow the market reaction to the specified zones (levels) and trade within the framework of our trading system.
Note
The price is inside the blue range. That's what I've been telling you
But, there are prerequisites that the market may try to break the support.
After the next retest, a pre-breakdown consolidation is formed.
If the price will gradually and slowly move towards the support while continuing to form consolidation, the market may break the 2020-2018 area and head towards 2000
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NO‼️
You❗️CAN and ❗️SHOULD make money in trading!
Join me, I'll guide you to PROFITABLE TRADING💵!
🟢Free Telegram Channel:
t.me/RLindaTrade
🔴Contact:
t.me/RLindaSignals
🧿Web: rlinda.com
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