XAUUSD is standing still on Thursday, which we were prepared for. The DXY opens with a subsequent decline on Friday, which gives bullish hopes for Xauusd to strengthen..
On the local timeframe, the prolonged consolidation is forming a symmetrical triangle, but as a strong support area is forming below the pattern and the price is consolidating above the key liquidity zones, the market may try to realize a bullish scenario. This will be facilitated by a break of the triangle resistance, in which case our target will be 2005 and 2010.
Also, due to the fact that the price did not test the liquidity area below 1993, 1985.68, we have a chance to start another correction before further growth.
On D1 gold is in a range and since support was tested earlier, resistance is still our prospect. The target is the upper boundary of the range - the area of 2010.
Key support: 1993-1992, 1990, 1985.68
Key resistance: 1998, 2005, 2010
I expect a break of the pattern resistance with further growth to these targets, but since a large liquidity area was formed below the support, the market may test this area before further growth.
On the local timeframe, the prolonged consolidation is forming a symmetrical triangle, but as a strong support area is forming below the pattern and the price is consolidating above the key liquidity zones, the market may try to realize a bullish scenario. This will be facilitated by a break of the triangle resistance, in which case our target will be 2005 and 2010.
Also, due to the fact that the price did not test the liquidity area below 1993, 1985.68, we have a chance to start another correction before further growth.
On D1 gold is in a range and since support was tested earlier, resistance is still our prospect. The target is the upper boundary of the range - the area of 2010.
Key support: 1993-1992, 1990, 1985.68
Key resistance: 1998, 2005, 2010
I expect a break of the pattern resistance with further growth to these targets, but since a large liquidity area was formed below the support, the market may test this area before further growth.
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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.