GOLD → It's a tricky situation. High chance to FB ↘︎
XAUUSD is moving out of the downside range, but at the same time the DXY reverses and forms a retest of 105.00. The DXY fundamentals are better and there is a higher probability of further dollar gains than gold
Note the small chart below (Dollar Index). An important level is marked and we see the price retesting the resistance within one week - a high chance for a breakout and further gains. Gold thus goes beyond the resistance, a correction is formed and if the price does not show a bullish impulse relative to the level of 1916, then we should expect gold to return to the boundaries of the descending range, which will be a false breakout. In this case, the cost of the metal will start to decline again. The market will pick up this maneuver and due to the received liquidity at the false breakout the price may show a strong bearish impulse.
But! there is a possibility of a breakout. For this price needs to strengthen above 1916 and above 1919, only then gold can go to 1928.
Support levels: 1916.7
Resistance levels: 1919.6
In priority I expect a false breakout of the channel resistance on H1 with the subsequent decline on the background of the dollar strengthening. But there is also a probability of confirmation of resistance breakout with further growth. We follow the price reaction to the mentioned zones.
Regards R. Linda!
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