GOLD → Strong bullish trend feels no resistance

12 Okt 2023

XAUUSD does not react to the nuances of technical analysis and is actively growing. But, the growth is accompanied by a consolidation moment, which can become a lever for further rsot. Even against the background of the trend, the price is able to accumulate potential



The breakthrough of resistance 1877.6 is formed and the price aspires to the important level for the medium-term perspective - 1885. Most likely, with the current fundamental features, the level will be broken in the near future, but before that a correction or a retest of the support before further growth may follow.
There are a number of important news for the US market today. Worth paying attention to: Core CPI, CPI, Initial Jobless Claims. Lately there is more news about inflation stabilization, but it is not enough for the medium and long term. In any case, this is more positive news for the market. For gold, this is a positive nuance as the DXY will continue on a localized downward course

Resistance levels: 1885, rising line
Support levels: 1878.6, 1877,6, 1872.7

In the long term, I expect a correction from 1885 and the formation of a retest back to the level for further breakout of the resistance zone

MGC1! XAGUSD GC1! US500

Regards R. Linda!

12 Okt 2023

Catatan

Earlier I talked about the possible formation of a range. Apparently, it is happening.

The market still managed to hit the resistance, also it was influenced by the news and information about the US inflation.

A false breakdown is formed and the price may head to the support of the range of 1857, after which there will be a prospect of further growth again