GOLD → Bounce to 2050, or consolidation 2030-2040
Updated
XAUUSD is trading within a descending channel, from support the price is heading towards resistance, while the dollar continues to consolidate in anticipation of tomorrow's news. Gold price after another false breakdown of support and retest of the liquidity zone forimizes the rally and tests 2040. Most likely the target for the market is embedded higher, around 2048-2050
Pay attention to the dollar. The price is in consolidation for 6 days near the level of 102.6. Important news is published tomorrow, the market is probably waiting for bad news for the dollar, as the bears are forming a strong resistance zone.
Gold may enter the risk zone (resistance area) before the news, but if the price does not pass the 2040 area, the price will form a consolidation until tomorrow waiting for the fundamentals.
Support levels: 2030, 2023
Resistance levels: 2039, 2049
The price is strengthening towards the resistance, the target for the market is the area of 2050. But if the price does not pass through 2040, the market will start to form consolidation 2040-2030
DXY GC1! MGC1! Regards R. Linda!
Note
The market is forming consolidation and sideways movement before the news, as I told you.
The price does not reach a local high or a local low.
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