GOLD → Golden cross + 2x bottom = What to expect from XAU?

RLinda Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
XAUUSD is shaking down, testing the support of 1957 on the background of news related to retail sales in the USA. An interesting set-up is forming around the support, and a struggle for further market retention is taking place between buyers and sellers.

On D1, we see the gold price recovering on the back of the falling DXY . On Thursday, the market is buying back half of yesterday's decline amid the lingering impact of CPI, weakening inflation and in anticipation of Initial Jobless Claims, which may have a further favorable impact on the market.

From the technical analysis point of view, we see the forging of the local double bottom against 1957 and the appearance of the MA50 x MA200 golden cross, which opens additional leverage for the market, contributing to a possible strengthening of the price. If gold consolidates above the support of the current range - 1965 (1960), we will see the continuation of growth in the medium term.

Support levels: 1965, 1960, 1957
Resistance levels: 1969.9, 1974

Gold is still quite strong on the back of increased interest and favorable fundamental background. Consolidation above the above support area will give a good bullish potential and entry point for long positions.

Regards R. Linda!
Trade closed: target reached:

Have you seen GOLD?
It's beautiful)

The news came out worse than analysts expected. And that's good for us (+220 pips ;) )

PS: Initial Jobless Claims 231K instead of 220K expected

Gold may test 2000 soon.



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