GOLD → Traps, consolidation. But what's next?

27 Okt 2023

XAUUSD continues to form a consolidation amid a global bullish trend that is linked to the geopolitical crisis in the Middle East.



Pay attention to an interesting situation: the market is forming a large number of traps within the consolidation. This is the essence of this set-up. The market manager is trying in every possible way to gain the necessary liquidity and volume after a strong trend before further movement.

The situation on the market is complicated, the crisis is quite strong and all those involved (managers) are walking on the blade between stabilization of the situation and deterioration to global action. The interest in gold increases by a lot at such times, which we see on the chart

From the point of view of technical analysis, the market is forming consolidation in the area of 1985, after a false fall, consolidation is formed, retest and breakthrough of important resistance. The subsequent consolidation of the price above the level may give a strong bullish potential, but it is not excluded that the price may come down to one of the supports again.



Support levels: 1984, 1964
Resistance levels: 1990, 2000, 2010

I assume that after the end of consolidation or support retest the growth will continue and the key targets will be reached

MGC1! GC1! XAGUSD SI1! DXY US500

Regards R. Linda!

28 Okt 2023

Catatan

Breakout of resistance and retest of new high
The price is an indicator of increased interest. I expect a rise and a test of 2025 in the near future.