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Gold Spot / U.S. Dollar
Long

GOLD → Consolidation continues. Support retest before growth

By RLinda
Updated
XAUUSD continues to consolidate, the market is uncertain, there are reasons for both long and short positions, but everything will be determined only by the exit of the price from the specified range.

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The current situation is as follows: the price earlier broke the resistance of the wedge, which in general can be perceived as a hint of the end of the correction. But, a rebound from the strong resistance of 2328 is being formed. The price continues to trade within the consolidation and at the moment the whole emphasis is on the support retest. Whether it will be a breakout or a false breakout will only show the market reaction, but against the background of the general trend and potential there is a high probability to see a rebound and growth to 2328.

Resistance levels: 2328
Support levels: 2300

The situation is stalemate and it is impossible to determine the movement in advance, it is worth watching the market reaction to certain key zones. Since the price is still inside the range, it is worth considering trading inside it

Regards R. Linda!
Note
Consolidation
Note
snapshot

Gold continues to stand still. All the focus is on the range of 2328 - 2300
Consolidation continues as traders and investors in the general backdrop are still unsure which path to take.

Strategy:
As long as price is inside the range it is worth considering trading just inside these boundaries. These can be false breakout or bounce principles.

But, the breakdown of this or that border will cause the formation of an impulse (strong, as consolidation is formed and liquidity is collected) in one or another direction.

Reasons for further growth: a correction within the fourth wave is forming. On the local timeframe there are signs of the end of the correction, it is necessary to wait for their confirmation for higher confidence. There is a possibility that the price is heading towards the support in order to capture the liquidity before further growth, as fundamentally and technically gold still has a high bullish potential
Note
News for the Future - Initial Jobless Claims

Initial jobless claims measure the number of people who applied for unemployment benefits for the first time in the last week. It is the earliest U.S. economic data, but its market impact varies from week to week.

Overall, the index has averaged in the same place lately. Between 210K and 220K, which is generally odd. What's odd is that the neutral IJC dynamics didn't change in any way before the heavily revised NFP that was last Friday (175K -actual, 238K -expected)

Initial jobless claims are expected by traders at 212K vs 208K in the prior period.

A higher than expected reading should be negative/bearish for the dollar, while a lower than expected reading should be positive/bullish for the dollar.
Trade active
Initial Jobless Claims: Actual: 231K, Expectation: 212K

Overall this is a bearish scenario for the dollar, which is poised to decline. Gold may strengthen
Trade active
2335.
The falling dollar is positive for gold
Trade active
snapshot
Trade closed: target reached
2355
Interim goal achieved
Trade active
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Chart PatternsDXYFibonacci RetracementFLATFundamental AnalysisGC1! (Gold Futures)GoldSupport and ResistanceTrend AnalysisTrend Line BreakXAUUSDZigzag
RLinda
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