GOLD → The market is targeting 0.618 fibo ($1895)

13 Okt 2023

XAUUSD is entering the empty range from 1885 to 1915. The only level the market will still be able to interact with, before reaching the 1915 target, is in the 1895 area - a strong liquidity area



Today we see a break of the resistance at 1885 after a small retest. A momentum is formed, which tells us about a further target in the form of 1895 resistance, formed back in June 2023. It is worth paying attention to this area, because here is also 0.618 Fibo, which is an important level for the market. Since there are no important areas of resistance and liquidity in the whole range of 1885 - 1915 except this zone, it is here that some struggle on the market may take place and a correction to the support may be formed before further growth.
The market now has a strong fundamental component (economic news, crisis and war) - all this increases the interest to the metal, but it should be understood that the market cannot grow all the time, sometimes it will fall (correction). SMA 1H - strong support, and 4H - MA-200 will be tested in the medium term (in the area of 0.618 fibo)

Support levels: 1885
Resistance levels: 1895, local ascending line, SMA200

I expect continuation of growth to the mentioned resistance area from which a correction to support may follow before further growth to 1915

XAUUSD MGC1! GC1! XAGUSD SI1! US500 DXY

Regards R. Linda!