FX:XAUUSD is forming a correction after a false breakdown of the resistance of the range. Against the backdrop of a strengthening dollar index, pressure from resistance appears in gold.
The market is starting to bet that the Fed will not cut rates this year. At the same time Bostic (Fed) said he now expects only one Fed rate cut this year following Powell's comments about a pledged 0.75% cut in 2024. Gold on D1 in the 2195, 2148 range. The candlestick setup is bearish and most likely inclined to see the decline continue. The target in this case is the area of 2150-2145. On H1, the market is forming pressure from sellers on the background of strengthening dollar index.
Resistance levels: 2172, 2177 Support levels: 2166, 2156, 2150, 2144
Technically, within the range gold may test the liquidity area 2150-2145 as it is a tidbit for both market maker and traders at the moment
Consolidation within a range. The session is calm, but a strong buyer does not let the price go beyond 2166 yet
Comment
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Inside the channel 2200-2150 the price can behave any way it wants. The role of such channel is consolidation. Therefore, a lot of orders are generated inside, and chaotic movements controlled by a big player allow to collect liquidity at the expense of this mass.
Local growth allows liquidating sellers and gathering buyers in the zone 2175-2180.
Xausd and btc polacup...seteleh melewati retes lanjut bulish
keanzilla
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you posted that last time that it will go up.
RLinda
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@keanzilla, Read the text of the last idea It said that there was a high probability of a test of the liquidity area before further growth. Now I just emphasized the decline to the support
RLinda
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Hi traders! Do you think the price will go to 2100 or 2300?