FX:XAUUSD reaches the 2400 mark on Friday before facing a profit-taking. There is a possibility that traders closed positions before the strong news that occurred from Saturday to Sunday.
There is no correlation with the dollar now, which makes it easier for technical analysis. In fact, we have a strong bullish trend and strong support in the form of the 2325-2330 zone and an ascending channel line. From Saturday to Sunday there was the development of another geopolitical problem in the Middle East and it is related to the armed crisis between Iran and Israel, which in general can only affect the appreciation of the metal.
Resistance levels: 2365, 2375 Support levels: 2335, 2330, 2325
In general, we should consider a retest of the trend support or 2330 and look at the price reaction to these levels. Most likely, the trend may continue.
Regards R. Linda!
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By the way, from the fundamental nuances: Core Retail Sales and Retail Sales are released today at 12:30 GMT
1) CRS expected 0.5% instead of 0.3% 2) RS is expected 0.4% instead of 0.6%.
If the data is close to expected, the backdrop will remain the same. A reading above expectations will be positive for the dollar Readings below expectations will be negative for the USD
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On the background of the news, the price may test support levels
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Support retest and rebound
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Excellent realization False breakout and rebound at 370 pips
Trade closed: target reached
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Interim target achieved (+590 pips)
Bulls continue to hold the market Fundamental and geopolitical nuances play a huge role on the interest in gold
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Local consolidation is forming and the market is ready to go higher. We are waiting for a test of 2400
Thank you for your post. I continue to be bullish long-term and plan to hold my longs regardless of what happens in the short or medium term. But these insane rises are giving me anxiety. Furthermore, silver and miners began to catch up with gold recently, which is slightly alarming and perhaps could mean that we are approaching the late stage of the rally.
RLinda
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@Tradersweekly, Hi, yes, I think so too about the late stage, the more obvious hint is the profit-taking in the area of 2400. It is unlikely that the price will be able to accelerate again so much that the market will be much more likely to renew the current high to 2600-2700, but as we have seen, anything can happen
Tradersweekly
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@RLinda, I could imagine it topping there. But if there is a big dump in the stock market, then I think those price tags are getting postponed significantly farther into the future.
RLinda
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Hi traders! What do u think about GOLD?
Yelli_trades
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@RLinda, tricky right now. yes, bullish overall, but a bit extended. Expecting a period of back and forth on the chart, to be honest
RLinda
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@DemoDiaryFX_Trading, Interesting) back and forth is the range :D Amazing how the market with no technical energy is strengthening so much and still willing to go all the way to ATH