GOLD → Resistance pressure on D1. Waiting for news

2 Agu 2023

XAUUSD is forming a descending range after breaking the local trend. On D1, the chart is showing strong pressure from resistance and is forming a descending triangle which could give a strong fall, but there is news ahead...

The price is testing the support at 1943 with the last move, making a false break and thus updating the local low to 1941.29. Based on the situation on the local timeframe and on the D1 we can say that the sellers are stronger, the fundamental background of the last trading week adds some confidence for this.

Today ADP NonFarm Employment Change is published (analysts expect a decline in the indicator, therefore the dollar may react negatively), this press release can give us a rough mood for Thursday and Friday (INJ, ISM, Nfp, UR are published)

Still, technical analysis initially lays a large percentage of the expected movement, even before the publication of the news and at the moment there is a preponderance of forces in the direction that the market is preparing for a fall. When enough weighty news is published, this imbalance may shift and in this case the price may break 1954, 1960 and head towards 1974



Support levels: 1943
Resistance levels: 1954, 1960
In priority I expect a decline to 1943 with the subsequent breakout, but on the background of news the price may act unpredictably and break the resistance. Watch the price reaction.

Regards R. Linda!

2 Agu 2023

Catatan