GOLD → A retest of trend resistance. Breakout or rebound?

25 juil. 2023

XAUUSD is forming a bearish price channel after breaking the upward range support.
Price is testing new trend resistance, what to expect from price next?

As we see fundamental complexities in the market, it is hard to determine a clear direction at the moment, we will pay attention to technical analysis.
Gold is testing the resistance of the ascending channel and then forms a consolidation below, in the red zone, thus forming an entry point for selling.
The market is restrained from falling by the support level of 1959.8. And the price is restrained from the opposite scenario by the trend resistance.
Breakout of the upper boundary of the channel can form an impulse, which will be a part of the realization of the pattern "flag"
But if the support of 1959.8 is broken, we will see a fall to 1940.
It is also worth paying attention to the cross of moving averages.

Support levels: 1959.8
Resistance levels: trend upper boundary, 1969.3
I expect more likely to break the support and further fall, but the price may test an attempt to break the resistance.

Regards R. Linda!