GOLD → XAU makes onslaught on limit support

7 wrz 2023

XAUUSD continues to decline. Since the end of the last session the price forms a limit support level and forms a pre-breakdown consolidation. The realization of a false breakout of global resistance begins

The price is forging a local support level, but still has not updated the previous one, formed in late August. Consequently, the market has a target in the near term. This target is 1914.8, also the following areas can serve as a target: 1912,8 & 1903.8.
Let me remind - earlier we observed the break of the uptrend support on the background of DXY (dollar index) strengthening.
There is also a possibility that the market may form a small correction to 1926 before falling further. At the moment, within the medium-term scenario, I stick to a further fall in the price of gold. The moving averages are forming a reversal signal (the signal is medium-term in nature).

Support levels: 1916.7
Resistance levels: 1920
I expect the fall to continue either when 1916 is broken or after the correction to 1920-1925.

XAUUSD GC1! GOLD DXY

Regards R. Linda!