GOLD → Support shake-up followed by resistance retest
Updated
XAUUSD is forming a shake-out of consolidation support. Thus, after the retest of the previously broken boundary (as I talked about yesterday) there is a consolidation and resistance retest that could lead to a breakout and rise to 2000.
Gold is testing the support area, forming a liquidity grab and thereby increasing the potential for the upside to continue.
Earlier, the price confirmed the break of the bearish trend. Yesterday's retest of the previously broken boundary is another confirmation of the fact that at the moment the bullish trend prevails in the market and in our case we should look for either strong support to buy or resistance to trade with the "breakout" strategy.
Against the backdrop of correction and falling dollar, gold is feeling good confidence. A breakout of the 1962 consolidation resistance will give a new breath to the market. The moving averages are acting as support.
Resistance levels: 1962
Support levels: 1959, 1954
I expect a break of resistance either now or after another retest with subsequent growth. Medium-term outlook 1970, 1981, 2000.
Regards R. Linda!
Trade closed: target reached
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