RLinda

GOLD → Re-test 2085. The distribution is not yet finalized

Long
RLinda Updated   
FX:XAUUSD   None
FX:XAUUSD is testing the maximum. After a long consolidation, a distribution phase is formed, which leads to a false breakdown of the intermediate resistance level. What should we wait for next, decline or growth?


The distribution phase is clearly demonstrated on the background of volume growth. The price is testing the intermediate level of 2084.5 and forms a false breakdown. The value of the level is big enough, but not enough to turn the market. The 2084 area continues to hold the price, but based on the data on the H1 chart we can assume that gold will test this resistance with the aim of breaking through it, as the distribution phase is not over yet.


If the compression to the upper boundary of the consolidation on H1 continues, namely to Friday's high, a breakout and further growth to the next intermediate targets may happen with a high probability.

Support levels: 2079,5, 2069.9, 2065
Resistance levels: 2088.4, 2100


The growth is not over, as the realization of the accumulated potential inside the consolidation is not exhausted yet. There is a possibility of correction, but at the break of 2079.5. But still, I stick to the break of resistance and further growth

GOLD GC1! MGC1! DXY

Regards R. Linda!
Trade closed: target reached
Trade closed: target reached:
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