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GOLD → NFP ahead. Will the sell-off continue? OANDA:XAUUSD continues to form a local bearish channel after updating the high to 2150 and strong sell-offs to the current area. There is still a huge imbalance in the market and the price could go even lower to settle the situation. NFP could perfectly develop the expected scenario I have been telling you about since the sell-off. Expect the data at 13:30 GMT. The Initial Jobless Claims report was released yesterday with positive data for the dollar. This could be a hint that NFP will hit the planned 180K , maybe more , instead of the last 150K . More bullish data relative to expected data will shake up the market. The dollar may strengthen, which will have a positive impact on gold. Gold made a false breakout of 2038 resistance and bearish channel and continues to trade within the downside range. The target support levels are a potential target. But before the news, volatility will be very sluggish. The market is saving the potential for realization. Support levels: 2027, 2025, 2022, 2007 Resistance levels: 2033, 2035, 2038 News can be unpredictable, try to trade carefully before the news. We are expecting a more positive NFP , a rising dollar and gold falling to the previously mentioned targets, but anything can happen OANDA:XAUUSD COMEX:GC1! COMEX_MINI:MGC1! TVC:DXY Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
45
XAUUSD: Short term rebound likely.Gold hit the bottom of the 4H Channel Up and the 4H MA200 turning neutral on 1D and bearish on 4H (RSI = 37.407, MACD = -6.030, ADX = 14.273). The 4H MACD also indicates that we are on bottom territory so we expect a short term rebound and we're bullish targeting the 4H MA50 (TP = 2,035). As long as the designated dashed Channel Down holds, we will then turn bearish and target a new LL (TP = 1,965). Any crossing under the Channel Down will also be an immediate sell, targeting the 1D MA50 (TP = 1,965). See how our prior idea has worked: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
FX_IDC:XAUUSDLong
by InvestingScope
XAUUSD The NFP is 'do-or-die' moment for this pattern.Gold (XAUUSD) is trading exactly at the bottom of the 2-month Channel Up, restrained below the 4H MA50 (blue trend-line), which ahead of today's Nonfarm Payrolls (NFP) report is getting increasing dangerous. Technically, as long as the Channel Up holds, the current level is the most optimal buy opportunity for another +11.00% bullish sequence (as the previous two Higher Highs) targeting above 2200. With the 1D RSI though showing no divergence at all with the price's Higher Lows (as opposed to the previous two bottoms of the Channel Up), it is the first time on this pattern that a bearish break-out is so likely to take place. We will look for a break below the 2010 Support as our sell signal. Due to the usual high volatility that is expected during NFP releases, if we do get a bearish break-out, it is quite probable to reach the 1D MA50 (red trend-line) even within the day. Sell target on this, 1965. ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSD
by TradingShot
GOLD → Market in range awaiting newsOANDA:XAUUSD is strengthening due to a slight correction in the TVC:DXY . The price is testing the local trend resistance area before the publication of Initial Jobless Claims at 13:30 GMT. The market is in a range as analysts and investors await the Initial Jobless Claims information to roughly understand the situation for tomorrow (Friday) as we approach the NFPs to be released on December 8 at 13:30 GMT. With the correlation between DXY and XAU, the situation is unstable right now. Going forward, the inverse correlation may change even more as there are targets at lower levels for gold. From a technical point of view, since we have a local bearish channel built on the background of strong sell-offs, I expect a false break of resistance and further decline to the previously mentioned targets. Support levels: 2022, 2010, 2007 Resistance levels: 2032, 2035, 2040 Situation may change due to fundamental factor, Unexpected news may change the situation dramatically, but temporarily. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
8
GOLD | Rangebound as Indecision Reigns Pre-NFPOANDA:XAUUSD PRICE FORECAST: - Gold Rangebound as Market Participants Pause Ahead of Jobs Data. - US 10Y Yields Hit a Three-Month Low as Gold Ticked Higher. Gold prices recovered late in the day yesterday before continuing to trickle higher today. Looking at the larger timeframes and the price is caught in a range ahead of US jobs data due tomorrow. US TREASURY YIELDS AND JOBS DATA Investors are pausing before the US jobs report, following a turbulent week for precious metals. Despite hitting a record high at the beginning of the week, there was a sharp selloff, bringing the price close to $2000/oz. Today, US 10Y Yields hit a three-month low, providing support for the precious metal. While the overall outlook for metals is clearer, there may be a retracement in the short-term due to tomorrow's jobs report and next week's Fed meeting, as rate cut expectations increase. The perfect conditions for metal prices to rise in 2024 are emerging due to increasing demand and the significance of metals in tech production. The uncertainty in global geopolitics and the outcome of the upcoming FOMC meeting do not affect the positive outlook for the metals sector. In terms of economic data, tomorrow's focus will be on initial jobless claims, while Friday's NFP and Jobs report gains attention due to a decrease in job openings and a softer ADP print. If there is a significant miss on Friday, it could result in further weakness for the dollar and a likely boost for gold prices. TECHNICAL OUTLOOK OANDA:XAUUSD Form a technical perspective, Gold is caught n a range following the explosive move higher to start the week. We appear to be caught between the 2020 and 2031 levels at present with any spikes above or below these levels failing to find acceptance. There is every chance that this continues heading into the NFP release on Friday. Either way the weekly timeframe now looks intriguing with a massive shooting star candlestick as things stand. However, with two days left there is a chance that this could change. Key Levels to Keep an Eye On: Resistance levels: 2032.00 - 2041.00 - 2050.00 Support levels: 2020.00 - 2010.00 - 2000.00
OANDA:XAUUSD
by TVS-Trader
GOLD → The bears are moving towards imbalance OANDA:XAUUSD continues to update lows, testing new zones, but at the same time, as part of the correction, the price confirms the boundaries of the forming descending price channel. On D1 it is obvious that the decline in gold will continue, as there is still a huge imbalance at the expense of buyers. At the moment we are interested in the support area of 2022, which may be broken after another retest. In this case the decline will continue to 2009 and then to 1984. The Dollar Index is forming a correction, but even if the decline starts, gold may not react to the dollar and will continue to move towards its targets. On the chart we see a bearish channel, a bounce from resistance and another retest of support, the sellers are strong at the moment. At the same time the market is waiting for the news at 13:15 ADP Nonfarm EC, don't miss it, but before the news reduce the risks. Support levels: 2022, 2010, 2007 Resistance levels: 2035 I expect the continuation of the descending channel formation, in this case, the support may be broken soon and the price will head towards the mentioned target TVC:DXY OANDA:XAUUSD COMEX:GC1! Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
15
GOLD | Continued deep declineFORECAST OANDA:XAUUSD : - Despite the falling exchange rate, gold prices tend to decrease slightly during the trading session - Attention will focus on US non-farm payrolls at the end of the week Although falling yields benefited the technology index, gold struggled to get a boost, sending prices down for the second day in a row. While the precious metal maintains a constructive outlook, bulls are not yet ready to re-enter long positions after being caught out on Monday's trading blip during a breakout during the Asian session quickly turned into a massive sell-off. Looking ahead, we could see measured moves in gold over the next few days as investors avoid large directional bets ahead of the release of November US jobs figures on Friday. The upcoming jobs report will provide valuable insight into the health of the economy and, in turn, could help guide the Fed's next steps. TECHNICAL ANALYSIS OANDA:XAUUSD Gold surpassed its previous record and briefly hit a new all-time high on Monday, but quickly fell lower, signaling that the long-awaited bullish breakout was nothing more than a blip. fake. While the bulls may have failed for now, bullion retains a constructive technical outlook. This means that the path of least resistance is still upward. That said, if the precious metal continues to rally, the first hurdle to watch will appear at $2,050 and $2,070/$2,075 thereafter. Outside this area, attention turns to $2,150. On the other hand, if losses increase in the near term, initial support is placed at around $2,010. This area could act as a floor in the event of further losses, but a drop below this level could signal that a deeper retracement is forming, with the next downside target lying at nearly 1,990 USD.
OANDA:XAUUSDShort
by TVS-Trader
GOLD → The sell-off may continue. News ahead OANDA:XAUUSD sold off 6% from its high. The price has lost more than $130. This is the biggest drop since August 2020. At the moment a correction is forming, after which the fall will continue On d1, the dollar is strengthening in anticipation of positive news, while the Fed is silent and treading water. Gold is forming a huge false breakout and a candle with a huge shadow, the potential of this setup is that without the influence of the fundamental component, from a technical point of view, the price can fall to 1900-1800 (do not take this as a target, it is just a nuance) For the gold market, the liquidity and imbalance zones are below: 2022, 2012, 2007, 1900, 1987, 1984. The probability is quite high that the price will test most of these targets, it is dangerous to buy now, the market is still in a sell-off, which I warned you about earlier. Reason: fundamental, dollar strength, lack of volumes, global range, engulfment, moving averages cross, huge imbalance. Support levels: 2030, 2022, 2012 Resistance levels: 2035, 2040 I am waiting for the continuation of the fall after the retest of the resistance area. But! Strong news is published today and the market may be stormy, on the background of panic, the price may test the resistance areas before falling COMEX:GC1! COMEX_MINI:MGC1! TVC:DXY Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
20
GOLD | Clobbered after FakeoutFORECAST – OANDA:XAUUSD - Gold prices retreat after failing to sustain Monday’s brief bullish breakout Gold prices surged to a new record near $2,150 during Asian trading. However, the bullish momentum quickly turned into a significant sell-off when European and U.S. markets opened, possibly due to the rebound in bond rates. U.S. Treasury yields have been declining since late November due to expectations of a Federal Reserve interest rate cut in 2024. However, they increased at the beginning of the week as traders started to reduce bets on excessive monetary easing, which didn't align with the current economic situation. This rise in rates strengthened the U.S. dollar and had a negative impact on precious metals and risk assets. TECHNICAL ANALYSIS OANDA:XAUUSD Gold took out its all-time high and hit a fresh record on Monday, but was quickly slammed lower, signaling that the breakout was possibly a fakeout. Despite the market reversal, gold remains biased towards upside movement. If prices continue to rise, the first resistance is at $2,050, followed by $2,070/$2,075. Further strength could lead to a focus on $2,150. However, if losses increase in the coming days, initial support is seen at $2,010. This level may act as a floor, but a drop below it could suggest a deeper pullback with the next target at $1,990.
OANDA:XAUUSDShort
by TVS-Trader
GOLD down more than 2% after hitting an all-time high Gold prices fell more than 2% after hitting an all-time high as currency futures traders increased bets the US Federal Reserve (FED) would cut interest rates next year. Gold remains supported by hopes that not only is the tightening cycle by the Fed and other central banks over but also by expectations of interest rate cuts. However, today's drop may reflect that the odds have gone too far on an interest rate cut. The gold market at the moment seems to reflect a change in sentiment rather than specific fundamentals. There was no specific catalyst that led to the rally to $2,150, and no specific event pushed the price sharply back to $2,000. US bond yields rose but only modestly, and the strong dollar does not explain the volatility.
OANDA:XAUUSDShort
by Xayah_trading
GOLD → Global Highs Update. What's next?OANDA:XAUUSD , on the back of the residual potential from last week, is forming a rally from the opening session and testing a new global high of 2150, after which we saw the strongest sell-off. Yesterday we looked at what could happen in gold. But no one expected an update of the highs to 2150. In any case a conglomeration of factors is important for us: Retest of global range resistance (W1, M1) Area 2069-2070. Huge sell-off after the retest of 2150. The market sold off all the upside. Distribution since early November. No potential, no energy and no volume. Update high was on no volume, on the back of hyped up price (pure market manipulation) Most likely, after the market calms down after this burst of activity, price will start testing the 2070-2069 area. I still stick to my scenario - false breakdown and further correction. Key level: 2069.8 - 2070. Support levels: 2059.65, 2049,6, 2035.3 It is important to wait for the market to calm down. A calm market may show a clearer picture for further prospects. We are waiting for a correction. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
34
XAUUSD Channel Up holding. Buy until it breaks.Gold had a very volatile trade, the kind that isn't fit for tight SL placements, be sure a lot of them got triggered today. The pattern is a Channel Up and the price has so far found support on the MA50 (4h) near its bottom. Trading Plan: 1. Buy as long as the MA200 (4h) holds. 2. Sell if the MA200 (4h) breaks. Targets: 1. 2090 (Resistance 1, same symmetric target as the rebound of November 12th where the MA200 (4h) held). 2. 1930 (Support 1). Tips: 1. The RSI (4h) gave a clear sign of this top turned into sell as it built a Bearish Divergence on a Falling Resistance, same as October 27th. The RSI hit only 42.00, a level that hasn't formed any recent bottom. This is why you have to consider the possibility of a deeper correction. Please like, follow and comment!! Notes: Past trading plan:
FX_IDC:XAUUSD
by TradingBrokersView
XAUUSD Made new High. Is a rejection inevitable or 2250 is next?Gold (XAUUSD) has made a new All Time High (ATH) today early during the Asian session opening amidst the attacks in the Red Sea, peaking just below 2150 before being sold-off on each passing hour. Regardless of the pull-back, this managed to make a new ATH after almost 3.5 years. There is technical evidence however showing that if the current weekly (1W) candle closes in red (which is still very early to tell as we are only at the start of it), Gold may share the fate of the previous peaks at 2082: a rejection and immediate bearish reversal towards the 0.5 Fibonacci retracement level (blue lines) from the October 02 Low on the 1W MA200 (orange trend-line). In that case, we will target 1980 (0.5 Fib), which would also test the Channel's 0.5 Fibonacci level as well as the 1W MA50 again (blue trend-line). Be aware though that the current 2-month rally is the most 'systematic' of all previous as first it rebounded on the 1W MA200 and then on the 1W MA50. As a result and while considering the Fibonacci Channel Up trend-lines, as they are applied perfectly to Gold's uptrend since 2020, if the current (or any that follow) 1W candle closes above the 0.786 Fibonacci Channel level, we will buy the break-out and target the 1.0 Fib level (top/ Higher Highs trend-line of the Channel) at 2250. The risk (and as a result the SL) is low in each case. As a side note, check how well the majority of the price action since January 2020 fits within the 0.786 - 0.236 Fibonacci levels. This range is Gold's 'High Volatility Zone'. Also as an additional observation, check how rejection candles look on the monthly (1M) scale, which is again of course too early to tell for the current one: ------------------------------------------------------------------------------- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** ------------------------------------------------------------------------------- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇
FX_IDC:XAUUSD
by TradingShot
1
GOLD → Huge imbalance. Updating the highs. What to expect?OANDA:XAUUSD is making another rally and updating the global high to 2075.4, but at the same time there is a huge imbalance in the market. Distributive retest of the resistance zone and several preconditions allow me to think about a possible correction. In the coming week we will encounter several important news that will determine the market mood and possible medium-term prospects for trading. It is worth paying attention to the following news: SP PMI, ISM PMI (Bullish expectations) ADP NonFarm (Bullish expectations) Initial Jobless Claims (Bearish expectations) NonFarm Payrolls, Unemployment Rate (Bullish Expectations) The bigger reaction is the unexpected nuances regarding the expected data. Since it is news, it is impossible to know in advance what will happen in the market. In the Middle East we notice the aggravation of the situation, but globally the situation does not change, and in addition, the TVC:DXY and OANDA:XAUUSD have not paid much attention to it lately. Increased interest in the gold market is connected with the general world crisis + decrease of dollar indices. Gold in the distribution phase is testing the strong level of 2069.8, the price closing above the resistance level, it may be another trap before further decline. After this maneuver, another pool of liquidity was formed to continue the growth, which only increases the imbalance of forces in the direction of buyers since the strong rally of gold (the rally began in early November due to the conflict in the Middle East). The chart more clearly shows the liquidity and disalignment zones. Market managers cannot allow further rallies in such a critical situation as they may lose money in the moment. Reasons why I expect a false breakdown and further decline: Strong distribution continues for a month. this maneuver has wasted all the potential, which, from a technical point of view, will not be enough to break through the 2070 area. Huge imbalance on the buyers' side Relative decline in volume on a false breakout Death Cross Positive DXY Fundamental Expectation from the open: The market may test 2069-2070 resistance on Monday and try to form a local bullish momentum and make a new high, but a false breakout may follow in the mid term. Consolidation or retest of 2069-2070 level from below may confirm the market's intention, which will start the final decline of the asset towards the mentioned zones. Regards R. Linda!
OANDA:XAUUSDShort
by RLinda
36
GOLD | Record Zone as Dow Breaks OutVolatility spiked across many assets last week, producing notable breakouts and breakdowns in the process. First off, U.S. Treasury yields plummeted across the board, with the 2-year yield sinking below its 200-day simple moving average and reaching its lowest level since early June at 4.54%. The market dynamics also benefited precious metals, triggering a strong rally among many of them. Gold spot prices, for example, rose by 3.5% and came within striking distance from overtaking its record near $2,075. Looking ahead, if U.S. interest rate expectations continue to shift lower, U.S. yields are likely to come under further downward pressure, setting the stage for a weaker dollar. Against this backdrop, risk assets and precious metals could remain supported moving into 2024. Upcoming U.S. data, including ISM services PMI and non-farm payrolls (NFP), will give us the opportunity to better assess the Fed's monetary policy outlook. Soft economic figures could reinforce dovish expectations, while strong numbers could result in the unwinding of rate-cut bets. The latter scenario might induce a reversal in recent trends across key assets. For a deeper dive into the catalysts that could guide financial markets and drive volatility in the coming trading sessions, explore the DailyFX’s carefully curated week-ahead forecasts.
OANDA:XAUUSDLong
by TVS-Trader
GOLD the world has set a new recordThe world gold price listed on Kitco is at 2,126 USD/ounce, up 54 USD/ounce compared to early yesterday morning. Thus, today's gold price continues to set a new record, the highest ever. Precious metal prices rose as comments from Federal Reserve Chairman Jerome Powell increased traders' confidence that the US central bank is done tightening monetary policy and Interest rates may be cut from March next year. In his speech, Mr. Powell said that the Fed is not currently thinking about lowering interest rates. However, analysts say it is clear that the Fed will not raise interest rates as the economy begins to slow. This will cause gold prices to continue to increase sharply in the near future. Markets predict the Fed will begin cutting interest rates in March and that by the end of next year, interest rates will be below 4%. In addition, gold is being strongly supported by seasonal factors. According to statistics over the past 6 years, gold has always increased during Christmas.
OANDA:XAUUSDLong
by Xayah_trading
🖥 GOLD MARKET ANALYSIS AND COMMENTARY - [December 04 - 08]🖥 GOLD MARKET ANALYSIS AND COMMENTARY - This week, gold prices have continuously increased sharply after breaking the important resistance level at 2,010 USD/oz. Gold price at one point climbed to 2,075 USD/oz and closed the week at 2,072 USD/oz. Although the FED Chairman's statement is still heavily "hawkish", the gold price has almost ignored this as it continuously escalates. Some market analysts say that while the Fed may not be ready to cut interest rates anytime soon, it clearly won't be able to continue raising interest rates as the economy begins to slow. The CME FedWatch tool also shows that markets are currently assessing a more than 50% chance that the Fed will cut interest rates in the first quarter of 2024. In addition, gold prices have also been supported by many other factors, such as central banks are still continuously buying gold, physical gold demand has reached its peak season in Asia, and geopolitical tensions are increasing. Political tensions in the Middle East and Eastern Europe are still escalating, which will stimulate haven demand for gold... Next week, the most important data is non-farm payrolls (NFP) expected to reach 185,000 jobs. If NFP increases higher than expected, the FED may extend the period of maintaining interest rates at high levels, negatively impacting gold prices next week. On the contrary, if NFP is lower than this expected level, this factor will support gold prices next week. 📌Technically, after breaking the 2010 resistance level according to chart D1, the gold price almost reached the old peak of 2080. If this mark is broken, gold will create a new high price, corresponding to the Fibonacci Extension milestones. , the 100 fibo mark is above 2100, while the 161.8 fibo mark is above 2200. The trading plan for next week will consider selling around the 2130 mark, and buying if the price returns to retest the 2010 resistance level.
OANDA:XAUUSD
by TVS-Trader
🌟📈 GOLD: New All-Time Highs - A Heavenly Surge! 🚀💰🌟📈 GOLD: New All-Time Highs - A Heavenly Surge! 🚀💰 🔍 Analysis: Gold has just achieved an incredible milestone, setting new all-time highs! This isn't just a fleeting moment; it's the beginning of a potential journey towards ambitious targets at 2134, 2250, and possibly even 2400. Let's dive into what this means for the market and how you can capitalize on this golden opportunity. 📊✨ 1️⃣ Why This Matters: The surge to new highs isn't just a number; it reflects a significant shift in the market sentiment and economic indicators. Understanding the drivers behind this move is crucial for strategic trading decisions. 🌍🔑 2️⃣ Technical Perspective: We're observing some fascinating patterns and trends that align with this breakthrough. I'll break down the key technical levels and indicators that signaled this rise, providing insights for both seasoned traders and beginners. 📉📚 3️⃣ Future Outlook: With gold reaching new heights, what can we expect moving forward? We'll explore potential scenarios and strategies to stay ahead in this dynamic market. 🚦🚀 🤝 Educational Takeaway: Whether you're looking to trade gold or just understand its impact on the broader market, this event offers valuable lessons. Stay tuned as we unpack the significance of this historic high. 🎓💼 🔔 Stay Informed: Follow for more updates, analysis, and expert insights into the world of trading. Your success is our mission! 📈🌟 One Love, The FXPROFESSOR ♡ we had called it at a lovely time:
COMEX:GC1!Long
by FX_Professor
1
XAUUSD: Deceiptful 1D Golden Cross on All Time High territory?Gold entered the All Time High territory on heated overbought technicals on the 1D timeframe (RSI = 73.661, MACD = 29.580, ADX = 38.098) so far coming only a fraction away from hitting the May 4th 2023 ATH. Practically this is a Resistance line that formed long term tops and rejected the price another two times, on March 8th 2022 and August 7th 2020. The least immediate decline has been -6.15% (May 4th 2023) then -8.62% (March 8th 2022) and the maximum of -10.35% (August 7th 2020). Keep in mind that all three selloffs hit (or nearly hit) the 1D MA50. This time however, the market faces a significantly altered dynamic as along with the ATH test today, it formed a 1D Golden Cross. Every time since The August 7th 2020 High, Gold formed a 1D Golden Cross, a rally always followed. So far we've had four such formations into rallies. If the highest ever Golden Cross can be enough to invalidate the ATH and close a week over it, then we can expect the psychological level of 2,100 to be tested immediatelly. If not, then a minimum of -6.15% decline will send Gold to 1,955 and most likely by that time under the 1D MA50. See how our prior idea has worked: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
FX_IDC:XAUUSD
by InvestingScope
GOLD → Consolidation before the news. What could happen? OANDA:XAUUSD continues to consolidate in the 2050 - 2035 range. Powell speaks again today, earlier the US market got a higher GDP and good Initial Jobless Claims data, how will this affect his speech and how might gold react? The TVC:DXY is testing local levels, ahead of ISM Manufacturing PMI & Prices and also at 16:00 and 19:00 GMT Powell will speak. US inflation is declining and there are indicators for that, but the dollar is strengthening, which provokes gold to form a consolidation. We are now confused by the death cross on D1, but again, since the gold is in a global sideways range, maybe we should not pay so much attention to this signal. At the moment gold is testing the level of 2048.77 with a false breakdown. On H1 we see strong consolidation, range boundary tests and false breakdowns. The market will wait for the news and most likely there will be no strong movements before that. The price is gaining liquidity before Powell's speech. An actual rate cut is out of the question now, we will only need to hear positive sentiment or hints. If Powell hints more strongly about an imminent change of monetary policy to a more loyal one, the dollar index will resume its bearish trend and gold will head towards the upper global boundary of 2059 - 2067. But, as a force majeure, negative news for gold, the realization of a false breakout and death cross, the price could quite possibly test both trend support, 2022, and the far liquidity zone 2010 - 2020, but it will not change the medium-term and long-term outlook for now. The market could test the global high by the end of the year (perhaps even soon). Support levels: 2038, 2035, 2022 Resistance levels: 2049, 2059 I am waiting for the publication of news, which will determine the short and medium term scenario for gold. The probability that the price will update the high increases as the Fed's sentiment improves. Regards R. Linda!
OANDA:XAUUSDLong
by RLinda
11