🥇 GOLD - The rally is halted at the 2050 level
Updated
The beginning of correction ↓:
Strong rally ends with a false break of the local level 2043 and global resistance 2049.
The market should gather potential and liquidity before the next spurt as the global target of 2068 is not yet reached
1) False breakout, stoppage
2) No update to local highs
3) Distribution stops in the 2049-2045 area, indicating the start of a correction.
4) The potential for correction may be in the area of 2030 or 2020.
Strong rally ends with a false break of the local level 2043 and global resistance 2049.
The market should gather potential and liquidity before the next spurt as the global target of 2068 is not yet reached
1) False breakout, stoppage
2) No update to local highs
3) Distribution stops in the 2049-2045 area, indicating the start of a correction.
4) The potential for correction may be in the area of 2030 or 2020.
Note
The market is standing still and forming a consolidation. Since today is Friday and Powell is giving his speech in the evening, most likely he may touch upon the topic related to monetary policy.
The whole market has been waiting for a rate cut for a long time.
Therefore, there can be several strategies regarding the boundaries:
1) Buying after a false break of 2035.
2) Buying on a breakout of 2048.
3) Selling (carefully and with reduced risk) from 2048 after a false breakout
4) Sell on breakout and consolidation of price below 2035 (high chance of realization).
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