GOLD → 2200 is unaffected. Are we close to a correction?

11 mar 2024

XAUUSD has been trading quietly since the opening of the session, but after a strong growth the price starts to stop. 2195 - 2168 actual consolidation. It is necessary to follow the reaction of the price to the flat boundaries.



The market today without news, trading can be quite calm. The dollar index is testing a strong support area, the shadow of Friday's candle indicates a possible correction. Gold may react the same way. The price of the metal after a strong rise stops, resistance begins to appear in the market. Bull Run cannot last forever, the market maker can reverse the local price movement with the purpose of liquidation. It is worth paying attention to the support at 2175, 2161, 2144. The break of the structure of these zones may start the correction phase.

Resistance levels: 2194, 2200
Support levels: 2175, 2168, 2161

I expect a correction, which may come either when the mentioned support lines and liquidity zones are broken or after the test of 2200

DXY GOLD GC1! MGC1!

Regards R. Linda!

12 mar 2024

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