GOLD → Support retest. Low volatility before the news

31 oct. 2023

XAUUSD continues to consolidate after breaking the triangle resistance. Support retest is formed, but the market reaction is weak. The market is waiting for news, which will start to arrive on Wednesday.



Volatility in the market has fallen as traders are waiting for the coming news. The situation in the Middle East is not improving, the interest in gold is high, but traders are trying to trade more carefully in anticipation of news and reports. Consolidation is forming in the local range. Most likely, the price will move between these levels in the nearest future. There is a probability of a breakout of one of the boundaries, as the situation is quite tense. Any news release, reaction of authorities or any other force-majeure format can stir up the volumes. I would like to pay attention to the level of 1973.3, if the price fixes above this area, which in fact will form a strong basis for trading inside the corridor 1997 - 2025. In this case, we should expect to reach the resistance of the range in the future. The market is bullish, the geopolitical situation is complicated, there is a lot of news ahead. The DXY is in consolidation.

Support levels: 1997.3, 1993.5, trend support.
Resistance levels: 2000, 2008.7

I assume that the price may form a bullish reaction against the support and reach these areas. But before the news the volatility will be reduced

MGC1! GC1! XAGUSD US500 DXY

Regards R. Linda!

31 oct. 2023

Note

Another confirmation that gold is not going to fall yet.

Both dollar and gold are rising on the news :D

Before the news the market was consolidating,
now, after the false breakdown of 1997.3 (before the news), a great impulse is forming.