XAUUSD in correction phase, pullback from support at 200 pips on Thursday begin to sell off on the back of positive US GDP. The #DXY strengthens and returns to consolidation, which affects the forex market and gold.
Since the market can't go up all the time, even on increased interest, we encounter correlations or changes in the local trend. The short-term target now is the support at 1945.8 (the price may reach this zone during the Friday session). Appropriate reactions to this level will give us prerequisites for a pullback or a continuation of the fall, we will keep an eye on the price.
Support levels: 1945.8, 1932.9, MA200.
Resistance levels: 1953, 1962
I assume that the price will continue to form a current flat until the market gets the appropriate fundamental data or other leverage to get out of this range. Since the market is neutral now, we can trade according to the range trading strategy.
Since the market can't go up all the time, even on increased interest, we encounter correlations or changes in the local trend. The short-term target now is the support at 1945.8 (the price may reach this zone during the Friday session). Appropriate reactions to this level will give us prerequisites for a pullback or a continuation of the fall, we will keep an eye on the price.
Support levels: 1945.8, 1932.9, MA200.
Resistance levels: 1953, 1962
I assume that the price will continue to form a current flat until the market gets the appropriate fundamental data or other leverage to get out of this range. Since the market is neutral now, we can trade according to the range trading strategy.
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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.