FX:XAUUSD is testing resistance once again very slowly and gradually, protecting local support zones, below which a huge pool of liquidity is formed. What to expect from the market maker?
On the background of growth and retest of the range resistance we see low volumes. The range is narrowing and technically this could indicate a willingness to break resistance. But I stick to the format that the market maker is gathering all buyers to further liquidate. The chart shows localized areas of liquidity and none of them have been tested in the last 2 weeks. The market will never let the crowd make money. A retest of the far resistance is possible before further liquidation of all buyers inside the range.
Technically, there is a huge imbalance of buyers inside the range, clearly, the market maker has a "liquidate buyers" item set on the checklist. Price is still in the range, and I am still waiting for a retest of the lower liquidity areas, which for many on the current chart may seem unacceptable. Let's see
There are several important news today: US GDP, Initial Jobless Claims and Chicago PMI. These indicators can influence the medium-term outlook of the market.
Analysts expect GDP to be 1.7% lower than in the previous period. In general, it is possible against the background of the general environment and previous indicators, but the more likely scenario is that the actual data may be higher, which may favor the USD.
Initial Jobless Claims are expected without strong changes. Actual data could also be relatively neutral. A reading above the expected 212K will be negative for the USD, and vice versa. Chikago PMI is expected to be higher than previous but still poor relative to the neutral 50.0. The market is clearly struggling.
The dollar is in a bullish trend and continues to be supported by regulators on the back of general policy.
Comment
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GDP and Initial Jobless Claims are published with bullish data for the dollar. The dollar index continues to receive support
is there something wrong with tradingview charting in the ideas section? candlestick is not showing up today.
RLinda
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@TradeBullBear, Yeah, I saw that, too. I think they're going to fix the problem soon
TradeBullBear
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now gold burst up into 2232 into closing, what's your view now? did that change your view now? looking forward to your new analysis. thanks
RLinda
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@TradeBullBear, Gold is behaving inadequately. There is a huge imbalance of buyers. The market is strong and a strong bullish trend is developing. The price has gone into a void.
What I don't like about the market's behavior is that it is rising strongly against the backdrop of an equally strong rise in the dollar index. It feels as if the market maker went out for a smoke....
Yes, from the point of view of technical trading everything is simple - bullish trend - buy. But as a trader-analyst I have to consider the most probable scenario of the relative general fundamental and technical background.
TradeBullBear
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@RLinda, thanks for your insight. looking forward to your next analysis :)
RLinda
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Hi traders! What do u think about GOLD?
Iffime
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@RLinda, honey why you selling look market 2050 soon if fundamental support..( GDP )
RLinda
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@Iffime, Gold is rising for reasons that are unclear. On the background of the growing dollar, which is supported by the market. Initial Jobless Claims and GDP are bullish. Most likely gold was made more expensive on purpose.
This is the second or third time you have asked me this question, you can read the description of the idea and it will become clear to you.
TradeBullBear
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@RLinda, is gold rising due to war tension and uncertainty ?
Iffime
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@RLinda, last 3days you call selling till 2150 but market reach out 2217 because technically market bullish untill fundamental impact.i'm have long position last couple of days i take excellent profits both sides..look market still holding despite strong GDP ..