FOREXCOM:XAUUSD , amid the decline we were waiting for, reaches the target of 2015 and forms a false breakout. But the only thing that is constant is the range. What should we expect from the price at this point?
Pic: False break of trend line support
The dollar stops again and goes into consolidation before another series of news. Today the market is waiting for the CPI. Gold enjoys a very high interest from the Central Bank and traders are actively trying to buy and contain a possible fall. Thus, the false breakdown provokes the growth and strengthens the prices to the resistance 2064 and the trend line. A false breakdown may be highly likely to be followed by a small correction before further growth. Trading inside the range continues, so it is worth to follow the appropriate strategy. Since we have no actual trend, it is acceptable to sell or buy, but only if there is a strong reversal zone and a signal.
Resistance levels: 2064, trend line, 2037 Support levels: 2018, 2015
Inside the range, the price is moving between the levels. Based on the situation, I expect a false breakdown of the nearest level, correction to support before further growth to the upper boundary of the range.
In general, analysts expect a decline in the index, i.e. bearish data, which may put pressure on the dollar. Accordingly, gold may continue to grow towards the target.
But, the market reacts to the actual data. If the figures will be lower than expected data, gold may grow, and accordingly, if the figures will be higher than expected, and this is a favorable scenario for the dollar, in this case, gold will continue to correct downward.
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In the idea published on Sunday, we were ready to see a decline in price towards global trend support
Today's news, strong for the dollar, destroys short-term gold buyers Price is testing levels below 2000
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1990…
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The price breaks the support of the range and forms a consolidation of the price below the level.
The closing of yesterday's session (daily candle) hints us that the decline may continue
you n know what? you're always wrong, It is highly necessary to read your analysis, and act against it, then we can be consistently Profitable.... yeah...
Perfectly reach our first target 2000 n finally breakout most important level we focus our main target 1976 soon .,
RLinda
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@princesaif85, Hi, well here we are, a few weeks later, the 2000-2004 goal we've been talking about for so long.
vievel
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Hi Linda, do you think the FED deliberately sets the forecast to lower, to push up the dollar? I am following Inflation data for 10++ counteries which are quite accurate, and US seems to miss on all forecasts all the time.
RLinda
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@vievel, The US has a complicated situation and quite a lot of reasons to manipulate the dollar index. The crisis and weak rating of the current president, geopolitical factors, high inflation, politics and so on. As for the Fed, the fact that Powell often stumbles in his work I have already noticed more than once....
vievel
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@RLinda, Thank you for replying, you are probably right. Feels like something is going on "behind the scenes".
you're always wrong, It is highly necessary to read your analysis, and act against it, then we can be consistently Profitable.... yeah...