GOLD → Correction after a false breakdown. US GDP ahead

29 Nov 2023

XAUUSD reaches the previously mentioned 2050 area a bit faster than we expected. The rally is followed by a logical correction. But how long will the correction last?



On D1 we see a counter-trend correction in DXY . The correction may last until the publication of GDP related news, which is published today at 15:30 GMT. Analysts are expecting the same level of gdp that was released in November.
GDP is the broadest measure of economic activity and a key indicator of the health of the economy.

Gold may test one of these liquidity areas before rising further. The potential and increased interest will continue to forimize the bullish trend, but the price cannot go up all the time.
It is worth paying attention to the liquidity areas: 2037, 2035, 2033, 2029, as well as 0.382 fibo, 0.5 fibo. False breakdown of one of these areas and subsequent price consolidation above the level may end the correction.

Resistance levels: 2038, 2042
Support levels: 2037, 2035, 0.382 fibo, 2033, 0.5 fibo.

Expecting a correction. The price may head towards any of the mentioned zones before further growth. It is impossible to determine in advance where the price will stop, it will show only the reaction of the price to one of the levels.

Regards R. Linda!