GOLD → Setting and background foreshadowing the decline

Updated
XAUUSD is updating the global maximum. The distribution stops. The market goes into correction state. But, what is also interesting, a setup is forming on the chart, foreshadowing a support breakout.

snapshot

Let's briefly discuss the current situation in gold, without a long rant. The upcoming week is full of news. FED & FOMC meetings and Powell's speech are the ones to pay attention to, as inflation, interest rate and other nuances that determine the medium-term outlook may be discussed.
Technically, gold is entering a correction phase. If we take a closer look at H1, we can see a descending triangle pattern. The character of the pattern is "support breakout, reversal and decline". This pattern can be interpreted as the presence of a strong seller or the absence of a buyer.

Resistance levels: 2160, 2166, 2173
Support levels: 2155, 2147, 2100


The market is waiting for a correction, which is evidenced by the fundamental background, technical analysis and candlestick patterns. There is a high probability that the support may be broken with the subsequent correction towards the mentioned liquidity areas

DXY GOLD1! GC1! GOLD

Regards R. Linda!
Trade active
snapshot
The key area that is still holding the price from falling is 2149 (or 2144) - 2155.

If the price passes through this area and consolidates below, the activation phase of the local trend change will begin
Trade active
snapshot
Retest of key support level
Chart PatternsDXYFibonacci RetracementFLATFundamental AnalysisGC1! (Gold Futures)GoldSupport and ResistanceTrend AnalysisTrend Line BreakXAUUSDZigzag

🌹TRADING is a CASINO💔!?

NO‼️

You❗️CAN and ❗️SHOULD make money in trading!

Join me, I'll guide you to PROFITABLE TRADING💵!

🟢Free Telegram Channel:
t.me/RLindaTrade

🔴Contact:
t.me/RLindaSignals

🧿Web: rlinda.com
Also on:

Related publications

Disclaimer