GOLD → Retests of 2531 continue. Bulls want to go to 2550

30 Agu

XAUUSD continues to strive upward to overcome 2531. The price does not react to the dollar growth and forms a pre-breakdown consolidation in the format of an ascending triangle.



US GDP data slightly cooled market expectations of a significant rate cut in September, the US dollar rebounded strongly. However, this failed to deter gold buyers, who continue to consolidate and move closer and closer to key resistance. Interest in gold is being instilled by geopolitical tensions in Eastern Europe as well as the Middle East.
Ahead is the PCE inflation data in the US. Traders are waiting for hot data, if expectations are confirmed by actual data, the market will continue sideways movement on the background of dollar correction.
Technically, the consolidation has the character of a breakdown formation with the aim of breaking through 2531 and further growth to the psychological data.

Resistance levels: 2531
Support levels: 2517, MA-50, trend

We continue to watch 2531, another retest and slow price approach to the level may break this zone, which may form an upward impulse. But, unpredictable news may break the structure and finally close the price in flat until next week.

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Regards R. Linda!