GOLD → The limit level of 1920 pushes the price up

4 Jul 2023

XAUUSD strengthens to 1931 and reaches its local target. The resulting pullback forms a strong limit area formed by buyers 1920. What could this lead to?



Locally, I expect the price to rise to the local targets and liquidity zones, as the price cannot fall all the time. Such zones are: 1933, 1935, 1939
The daily technical analysis points us to a break of the uptrend and the formation of a correction. The trend correction can confirm the break and after the retest of one of the key resistance levels, which is 1935-1939, the market can activate the volume bears and the price will continue the implementation of the trend breakout.
At the moment we are interested in the resistance area of the range. The price may reach it in the near future and then we will follow the price reaction to this area. Here is a likely scenario:



Support levels: 1920, 1912
Resistance levels: 1933, 1935, 1939
I am expecting growth this week, but in the long term I will consider a fall, as TA on D1 is pointing this way

Regards R. Linda!

5 Jul 2023

Catatan

local resistance is formed
the price is within the range
market maker after a pullback it is possible to resume the local growth