GOLD → Resistance breakout is directed towards a trend change

13 Jul 2023

XAUUSD is finally confirming a trend change. The price passes through a key liquidity area and forms a strong momentum. What's happening?

Pay attention to the D1 chart below. The price is breaking the trend resistance. A rather interesting picture is developing in which gold is gaining upside potential towards 2000.
The price is testing the resistance at 1959. Probably, the price can form a correction to the previously broken boundary and the chance for this is quite high. But with a strong consolidation of the price above the level of 1959, a bullish impulse to 1970 or even to 1981 will be formed.
The Fed is talking about rate hikes and aggressive policy, but at the same time inflation is showing a green signal and is starting to weaken from 4% to 3%. Investors and analysts are not expecting a long-term complication of the situation, the dollar is likely to continue to weaken.
The moving averages show a strong support area.
There is strong resistance at 1967 ahead. It is worth paying attention to it.



Resistance levels: 1959, 1970, 1981
Support levels: 1955, 1945, previously broken channel boundary.
I expect consolidation relative to 1959. The market needs to decide on the potential. A correction is possible from the level, but if the bulls hold the area of the key level, the growth will continue.

Regards R. Linda!

13 Jul 2023

Catatan