GOLD → ATH Retest. Next $2800 or reversal?

29 Okt

XAUUSD is going to 2800 or??? The price is testing the ATH and does not show signs of reversal. A pre-breakdown consolidation is forming around 2758. Will there be another update of the highs?

Traders remain cautious ahead of Thursday's PCE release followed by jobless claims and NFP.
Profit-taking risks are increasing in both DXY and gold. It all depends on pre-news sentiment (background) as well as actual data.
The overall environment is complicated due to the US presidential race.
Gold is supported by the Middle East conflict, as well as hopes for more stimulus in the Chinese markets and economy.
Technically, gold is returning to the ATH, forming a pre-breakdown consolidation, hinting that there may be breakout attempts for further gains. Accordingly, as we are testing the ATH, we need to be ready for all eventualities!

Resistance levels: 2758, 2775
Support levels: 2745, 2728, 2724

Price has been in consolidation near resistance 2758 for the last 8 hours. It is gaining potential. Consequently:
1) If there will be an attempt to break through 2758 with the subsequent holding of the defense by the bulls above this area, then in the short term we should count on the continuation of growth to 2775-2800
2) IF a false breakout is formed and the price comes back down, forms consolidation below 2745, then further gold may go down to support before further growth.

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

29 Okt

Trade aktif

A classic resistance breakout after accumulation has formed near the level.

30 Okt

Trading ditutup: target tercapai

Target 1 (2775) reached!
+170 pips!

BUT! Gold is consolidating above 2775, hinting at the readiness to go higher, e.g. to 2800