GOLD → Correction after the LH update. Growth may continue
XAUUSD continues to execute active movements in the direction of price strengthening. This time the price is testing the resistance 1987.5, which indicates a high bullish potential and a strong trend
The price is forming a correction after the impulse. In the zone of interest we have the level of 1981. The price is testing the support and if the market can hold this area, the price will head towards 1993 in the nearest future.
A false breakdown scenario is possible and in this case the price will go to the support of 1970 before further growth.
On the background of weakening dollar and news about weak inflation, the price of dollar is falling, which positively affects the price of gold.
In the future, after fixing the price above 1981.7, such targets as 1993 and 2000.
Support levels: 1978, 1970
Resistance levels: 1981.7
At the moment the key role is played by the level of 1981.7. The price may continue to test the area for a breakout in the near future, or make a rebound, but on the subsequent retest of 1981.7 the level may be broken and the price will show an impulse to 1993
Regards R. Linda!
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