Long

GOLD → Consolidation v. 2921. Ready for a breakthrough

continues to strengthen on the background of growing economic risks and also on the background of aggressive fall of dollar. The metal is at resistance at 2921 and is preparing to go even higher....

The dollar breaks the bullish structure on the background of comments of the U.S. Ministry of Finance on the reduction of rates. The verbal intervention as manipulation is affecting the markets quite aggressively. Further decline in gold is unlikely due to trade war risks and expectations of soft Fed policy.Additional impetus to gold may be given by weak ADP employment data and PMI data
Gold has two important liquidity zones. 2913 and 2903, the closest area has already been tested (liquidity zone reached) and now all eyes are on 2920.7. If it holds, gold will return to 2913-2903 support, if resistance is broken, momentum will be formed.

Resistance levels: 2920.66, 2942, 2954
Support levels: 2913, 2903, (0.5) fibo)

Gold is testing 2913.34 at the moment, a rebound is forming due to the liquidity collected. In the short term, the focus is on 2920.7. Breaking the level and fixing the price above the trigger will most likely provoke the continuation of growth to 2942-2954

Regards R. Linda!

RLinda

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