GOLD → Inside the key range. Emphasis on MA-200 ↑
Updated
XAUUSD is once again testing the resistance of the 2531 range, but is not able to overcome it yet. At the same time the dollar is forming a flat in anticipation of important news.... “Dovish” expectations of the Fed and persistent geopolitical tensions in the Middle East will continue to support the price of gold. The Israeli army mobilized thousands of soldiers from special units in preparation for a major operation in the northern West Bank.
Despite the bullish sentiment around the gold price, the upcoming Fedspeak could have an impact on the markets.
Technically, the market is in a strong bullish trend, another range is forming and price is confirming its boundaries. Focus on trend support and SMA-200 on H1. If trend support fails to hold the price, gold may reach the lower end of the range, after which it will continue to rise.
Resistance levels: 2517, 2531
Support levels: MA-200, trend, 2501, 2493
As long as the gold is within the ascending channel, we should consider long positions against the support. But if MM decides to lower the price, we should wait for correction to liquidity zones and count on growth from 2486, 2477.
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Regards R. Linda!
Trade active
A retest of the channel support is formedTrade active
Good realization of the false breakdown :) We have reached the local target
Retest of the trend support is possible, and further we should watch the price reaction.
But if we go to 2531, we should also watch the price reaction to the resistance. Too fast movement may cause a bounce.
Trade active
! UPDATE !
GOLD confirms strong trend support, forming a rebound and recovery to the resistance zone, but MM is still holding the price before the news, in order to gather liquidity....
Traders are waiting for the US GDP and Initial Jobless Claims and are not ready to take any action prematurely because of the high risk. On Thursday, Fed spokesman Bostic commented on the situation, stating that he is against the first interest rate cut because “inflation has fallen faster than expected and unemployment has risen more than expected”. The market had little reaction to this statement.
The Global decline in the US dollar is favorable for the gold price ahead of the release of the second estimate of the US GDP for the second quarter (GDP is expected to be 2.8%)
Resistance levels: 2517, 2531
Support levels: SMA, 2500, trend
The market is arguing for the 2517 zone. A pullback is possible as gold is still in consolidation. But overall the outlook is bullish, as is the trend. The short-term tone may be set by the news. If everything remains on the same wave, we should consider growth from the key support zone or continuation of the movement when resistance is broken. Targets and key zones are marked on the chart ;)
Regards R. Linda!
Trade active
The fourth resistance retest is being formed. But the price goes deeper behind the support with each pullback.
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