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Gold Spot / U.S. Dollar
Long

GOLD → A correction may follow from 1985 before a further rise

By RLinda
Updated
XAUUSD continues its active growth despite all resistance levels. The fundamental component is much stronger than the technical format, but now, before 1984.4, the situation may change, but not for a long time.

snapshot

On the d1 chart I have indicated the level 1984.325. This is a rather important level, above which there is a rather strong liquidity area. Many confirmations tell us about the importance of this zone. I assume that with a high probability, a correction may follow from the 1984 area, because since the price opened on Friday, the average ATR has been passed by 50-60%. The pullback will not be strong and may test one of the levels: 1972, 1953. Further the growth will continue, as the situation, from the point of view of fundamental analysis, does not change. On the higher timeframes gold is breaking the descending resistance lines and is just starting to increase trading volumes. In the medium term, I am looking at targets such as: 2000, 2025 and possibly even 2050 - which gold could reach in November - December.

Support levels: 1972, 1953
Resistance levels: 1984, 1993, 2022

I am waiting for a small correction from the resistance presented ahead to these levels, after which a retest of 1984 may result in a breakout of resistance, which will lead to a rise to these targets

MGC1! GC1! XAGUSD SI1! US500 DXY

Regards R. Linda!
Note
snapshot

a false breakout is forming. This may be the beginning of correction
Ascending ChannelBeyond Technical AnalysisDXYFibonacci RetracementFLATFundamental AnalysisGC1! (Gold Futures)GoldTechnical IndicatorsSupport and ResistanceXAUUSDZigzag
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