GOLD → The price is still in a range. What to expect next?

21 nov. 2023

XAUUSD has presented itself perfectly since the beginning of this week. The local correction ends in the area of 1970 and 0.618 fibo, which we expected. Next, the market recovery and a retest of the key resistance at 1993 is taking shape.

After an excellent bullish maneuver and a retest of 1993 in the format of a false breakout, a correction is formed. Most likely this movement is formed on the background of waiting for FOMC Meeting Minutes, which will take place at 19:00 GMT.
There is a high probability that Powell will try to strengthen the currency, which may affect the gold as a short-term decline, but again this is just our guess.

From the technical analysis point of view: Gold is forming a false breakout relative to 1993, now we see the beginning of a correction, which may weaken the price to 1985, 0.5 Fibo or even 1974 before a further rise. This maneuver is quite logical, as gold continues to form a consolidation within the global range 1993 - 1964. However, the asset still looks very strong and ready to overcome the resistance and continue rising in the medium term.



Support levels: 1985, 0.5 fibo, 1974, 1964
Resistance levels: 1993.5, 2000

I expect a small correction to the above levels on the background of waiting for news. But after the correction I will wait for the continuation of growth, because the global trend in gold is bullish.

DXY GC1!

Regards R. Linda!

21 nov. 2023

Note

gold in the near future can move to the realization of the breakout strategy.
The level of 1988 plays an important role.
Consolidation in the format of reduced volatility can lead to a breakout of the level.
Also a strong signal for further growth will be consolidation of the price above the level of 1988