GOLD → What after the retest of 2070 and a strong pullback?

4 Mei 2023

Gold is rallying and testing 2067. The price is strengthening by 4.3% in a few days. Yesterday's fundamentals had quite an impact on the futures.

At the moment the price is in the phase of increased volatility, which is inconvenient for us, because it is difficult to find the right entry point with a safe stop-loss.
On the chart there are key levels for the moment - support 2032, resistance 2040 and long resistance 2047.
I think that the technical pullback may turn into a state of consolidation or a wide sideways range in the specified boundaries. The medium and long term outlook looks bullish as the price is consolidating near a strong resistance level on the higher timeframes.
The moving averages act as strong support.

Strong support: 2032 (false-break-down strategy).
Strong resistance: 2040, 2047, 2067.
I expect a stop of the price and formation of a sideways range.

Regards R. Linda!

4 Mei 2023

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