GOLD → Retest of range support in a bull market

25 oct. 2024

XAUUSD is trading inside the channel and is not yet ready to approach the resistance with the target of ATH retest. Profit-taking amid increased risk due to news, economic data affect the price of metal.



Price is closing inside the range of 2748-2713. A support retest is forming and liquidity capture may reignite upside interest. Traders are waiting for the Fed's actions: which side will the regulator take - aggressive or conservative strategy of policy easing? We should not forget the uncertainty around the US presidential election combined with growing geopolitical concerns in the Middle East.
For today, all eyes are on Durable Goods Orders (MoM) (Sep), which could provide new hints on the state of the US economy

Resistance levels: 2722, 2729, 2737, 2748
Support levels: 2713 (trigger), 2702

Emphasis on 2713. Price may test this area. Based on how buyers are defending the support, the market may form a false breakout and bounce to resistance. But, if the bounce is minimal, and then the price starts to retest 2713 and consolidate, we have increased risks to break the support. In this case, the price will head towards 2700-2685

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

25 oct. 2024

Trade fermée: cible de profit atteinte

Target 1 (2737) reached!