Long

GOLD → Long-sqeeze (double bottom) before breakout 2926

is forming the maneuver we need regarding the previously mentioned consolidation. False break of support on the background of the rising market, we discussed it with you yesterday. The reaction is the formation of a reversal set-up and bullish momentum

GOLD → Strong consolidation. What could happen?

This week the markets are awaiting the JOLTS jobs report (today) and CPI data (Wednesday), which could provide fresh impetus to prices.
Additional pressure comes from expectations of US-Ukraine peace talks, a possible mineral agreement and ongoing trade tensions related to Trump's protectionism. However, a weaker dollar and lower bond yields are supporting gold, limiting its losses
Gold may test yesterday's high and after a slight pullback continue to rise with a target of retesting the 2926 consolidation resistance. The market structure is bullish at the moment and it plays to our advantage....

Resistance levels: 2918, 2926, 2942
Support levels: 2905, 2893.5, 2880

At the moment the price is still in consolidation, but the price is forming a bullish rally due to the collected liquidity in the Asian session. The local pattern “double bottom” is formed (false breakdown of support) and the next target is the resistance of consolidation 2926. Also focus on 2918 - possible retest and pullback to 0.5 fibo before the price will storm 2926.

Regards R. Linda!

RLinda

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