GOLD → We're up to 2500. What's next, up or down?
Updated
XAUUSD is updating its historical high due to fundamental reasons. At the moment the market is struggling for 2500, at the same time the dollar is showing the prerequisites of readiness to go south.Fundamentally, there is a lot of interest in gold for several reasons:
- Crisis in the Middle East, expectations of Iranian action.
- A shift in the policy dovish view of the economy by the Fed
- Jackson Hole Symposium. Traders are quite positive, in anticipation of Powell's comments on the economy and their impact.
Technically, a strong bullish trend and the realization of accumulation is forming on D1. The price updates the high and closes Friday's session very promisingly (at the weekly and daily high)
A price consolidation above 2510 will be a good starting point to the next psychological levels.
Resistance levels: 2510, 2525, 2550
Support levels: 2495
Technically, the focus is on the 2510 - 2495 range. If a false breakout of resistance is formed, profit-taking or MM actions may provoke price decline to the imbalance zone before further growth. But, a confident consolidation of the price above the resistance may form an impulse to 2525.
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Regards R. Linda!
Trade active
False support breakdown and liquidity capture
Consolidation in the specified range continues
Waiting for resistance retest
Trade active
Consolidation continues.
We are waiting for resistance retest.
Slow approach to 2510 will mean readiness to go higher
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! UPDATE !
GOLD after a small correction from 2510, mainly related to profit-taking, continues to recover and reaches another psychological level of 2525
Fears of escalation in the Middle East eased after a report that Netanyahu accepted Washington's offer to overcome differences blocking a cease-fire agreement in Gaza. But the pressure on the dollar from the bears has a favorable effect on gold (the reason is the dovish stance of the Fed, as well as a possible soon interest rate cut, which makes the dollar less attractive)
Traders await the minutes of the July Fed meeting and Chairman Jerome Powell's speech at Jackson Hole on Friday for clues on the interest rate outlook
Resistance levels: 2525
Support levels: 2510, 2495
Technically, it is worth paying attention to the price behavior at key levels, as well as intraday trend reversal points (the beginning of the pullback) on H1-H4. The bullish trend continues to dominate. From 2525 may be followed by a small pullback before the continuation of growth.
Regards R. Linda!
Trade active
False support breakdown
Price is consolidating between 2525 and 2510 again
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