Get started
Gold Spot / U.S. Dollar
Short

GOLD → Resistance Retest. False breakthrough?

By RLinda
Updated
XAUUSD lingers inside the consolidation and channel 2660 - 2615. Technically, speculators are confused. The fundamental background is mixed. What's next?

snapshot

Focus on the escalating conflict in Syria, which has led to the overthrow of the Assad government and the end of the long-running Civil War. Risks regarding the Middle East are still quite high despite the ceasefire between Israel and Lebanon.
Fundamentally, despite Friday's better than expected NFP, markets are 80% likely to expect a 0.25% Fed interest rate cut. In the week ahead, all eyes are on economic data such as CPI and PPI.
Technically, I don't see any reason for the price to break out of this consolidation. Accordingly, I expect a false breakout with a high degree of probability.

Resistance levels: 2655, 2660, 2667
Support levels: 2636, 2615

The price has passed 0.85% since the opening of the session. There are no reasons for the resistance breakout. There is also no potential for a breakout. Accordingly, based on the available data, there is a high probability of a decline from the key resistance zone.

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


Regards R. Linda!
Trade active
snapshot
A false breakout of resistance is formed.
(False breakout turned out to be deep).
Possible correction to 2660 - 2670.
The price return to the channel indicates market weakness (is an entry).
Accordingly, if the bears hold the defense at 2660 - 2670, the decline will continue in the short term.

BUT if the price returns to the local maximum and consolidates above, the structure will be broken and we can wait for the growth to 2690.
Chart PatternsconsolidationDXYFibonacci RetracementFundamental AnalysisGC1! (Gold Futures)GoldSupport and ResistanceTrend AnalysisXAUUSDZigzag
RLinda
🌹TRADING is a CASINO💔!?

NO‼️

You❗️CAN and ❗️SHOULD make money in trading!

Join me, I'll guide you to PROFITABLE TRADING💵!

🟢Free Telegram Channel:
t.me/RLindaTrade

🔴Contact:
t.me/RLindaSignals

🧿Web: rlinda.com
Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.