GOLD → The scenario is confirmed. XAU turning red

6 Sep 2023

XAUUSD is breaking support, MA50 & MA200 and is building momentum, making local lows along the way. Back in Sunday and the first two days of the new week, I talked about an impending fall from 1950. What happened? We see a 250 pip drop.

After the retest of 1926, a new bearish impulse is forming. The local resistance level is doing its job. It is not certain, but the price may return to 1926 or 1932 for a retest before a further fall.
On Sunday, at the global XAUUSD review I talked about an impending decline as the price is testing the resistance of the global descending channel. On the local timeframe, this is all confirmed. The market could define the following zones as local and global targets: 1916, 1903, 1885.
I expect the continuation of the fall both in short-term and long-term perspectives.
Moving averages demonstrate stopping and change of trend. A strong medium-term signal may be formed in the near future.

Support levels: 1916, 1914, 1903
Resistance levels: 1926, 1928, 1932
I expect a continuation of the fall based on the assumptions mentioned above and in earlier ideas.

GC1! XAUUSD GOLD DXY

Regards R. Linda!

6 Sep 2023

Catatan

6 Sep 2023

Catatan

6 Sep 2023

Catatan

7 Sep 2023

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