GOLD → Growth towards the liquidity area. False breakdown?

20 lut 2024

XAUUSD on high timeframes continues to form a sideways movement, but at the same time is in the selling zone. The market is still under pressure from the negative fundamental background.



There is almost no news today, US Leading Index is published at 15:00 GMT and in general, analysts expect bearish data for the dollar.

Gold is in panic zone on H1. The price is trying to go outside the descending channel while the US market is resting. Technically, the MarketMaker has an interest to rise to the area of 2029, as there is a rather large pool of liquidity hiding there.

On the background of a possible strong distribution may form a retest of resistance in the format of a false breakdown, which would mark a further decline from 2029 to 2020-2016.
BUT, consolidation above 2029 will give confirmation of local trend change within the global flat.

Resistance levels: 2023, 2029, 2037
Support levels: 2020, 2016, 2010

A rise towards 2029 may soon follow, a quick move up will allow to reach the liquidity area. But because of this distribution we have a high chance to see a false breakdown of 2029 with further decline to support

DXY GOLD GC1! MGC1!

Regards R. Linda!

20 lut 2024

Uwaga

Gold is rising to 2029.4. That's the first thing I've prepared you for.

Second: A false resistance breakout is now forming and the market is giving us a small correction of 50 pips.