-Market Formation:
After updating new historical highs, gold corrects twice to the 3000 level, which indicates consolidation of large volumes at this level, thus forming a descending triangle on the hourly chart, and the imbalance level at 2955-2960.
It is likely that the growth goals of significant market participants have been achieved, and now there is a fixation of volumes, for further upward movement will require new liquidity, passed in the imbalance zone.
-Forecast:
Main downside target to the level of 2955-2960, followed by testing 3000 already as a resistance level, and possible consolidation at this level.
-News background:
Expectations of new customs tariffs, strengthen the position of the dollar.
Also, the settlement of geopolitical tensions, weakening the gold positions.
After updating new historical highs, gold corrects twice to the 3000 level, which indicates consolidation of large volumes at this level, thus forming a descending triangle on the hourly chart, and the imbalance level at 2955-2960.
It is likely that the growth goals of significant market participants have been achieved, and now there is a fixation of volumes, for further upward movement will require new liquidity, passed in the imbalance zone.
-Forecast:
Main downside target to the level of 2955-2960, followed by testing 3000 already as a resistance level, and possible consolidation at this level.
-News background:
Expectations of new customs tariffs, strengthen the position of the dollar.
Also, the settlement of geopolitical tensions, weakening the gold positions.
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.
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.