GOLD → Consolidation amid a bull run. What to expect?

28 paź 2024

XAUUSD is forming a sideways range of 2758 - 2713. Relatively strong support is forming to confirm the buyer's intentions, and the fundamental background is still favorable for the ATH retest



The dollar continues to rise on the back of a less aggressive easing cycle from the Fed, as well as the upcoming US election. In general, this is a negative leverage against gold.
BUT. The decline in the gold price remains limited due to renewed expectations of additional stimulus measures in China, as the largest gold consumer in the world, and the situation in the Middle East, where there is no hint of de-escalation of the situation.
The situation, technically, is simple. Trade inside the range and exclusively from strong levels. A possible retest of the range boundary, post facto, will determine the future prospects.

Resistance levels: 2745, 2758
Support levels: 2728-2724, 2713

Bounces or false breakdowns may be formed against the boundaries, as gold is flat. Another retest of resistance may lead to a breakout and growth towards ATH. It can also happen after the support retest before further growth

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

29 paź 2024

Transakcja zamknięta: osiągnięto wyznaczony cel

Target (2758) reached!