GOLD → The hunt for liquidity ahead of growth

Sep 28

XAUUSD . Technical analysis for the new trading session. On Friday, the local correction ended and there was a strong bullish impulse, which was sold off by the end of the session. What to expect next?

Gold is trading in the upper half of the current trading range of 3728-3791. The US session initiated the end of the technical correction, which ended with a breakout of the consolidation resistance at 3755. A momentum of 300 pips was formed, and the price hit the local limit resistance zone of 3783, from which the market began to sell off. However, the current correction of the bullish momentum is not so scary in the current perspective, as MM is forming a retest of the zone of interest to capture liquidity in order to continue the bullish trend. Thus, a false breakdown of the support zone 3759 - 3755 or the ascending line may shift the momentum towards the bulls, which in turn may lead to growth to 3783 - 3791.

Resistance levels: 3783, 3791, 3800, 3810
Support levels: 3759, 3755, 3743

If, during the retest of the support zone, the bulls keep the price above the blue zone at 3759, this will be a positive sign confirming the bullish structure, which could lead to a price recovery and a retest of the ATH.

Best regards, R. Linda!

Sep 29

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