GOLD → Support Retest. I'm waiting for a breakout of 2000

30 de out. de 2023

XAUUSD is forming a correction to the previously broken ascending triangle resistance after the opening of the trading session. There is still a huge amount of interest in the market and it continues to increase

1. img: Sunday Idea. Gold review on the high timeframe

On Sunday, we analyzed the gold market and at the moment everything shows that the growth will continue. As I said, from the opening a small drop is formed to test the support level. Since the price is in a bullish trend within the ascending channel, the price is also testing the trend support. Provided the price strengthens above the previously broken triangle resistance, gold will continue to strengthen. At the moment, my target is for the price to consolidate above 2000, which will give us a strong signal that the price is in a new psychological range - 2000 - 2050 (2075)
As this week is quite news rich, trade carefully, the market will be stormy. The price is testing the MA-50. The moving averages are indicating a strong bull market.

Support levels: 1993.5, triangle boundary
Resistance levels: 1997.3, 2010, 2025

I am waiting for a break of the psychological level of 2000 with the subsequent consolidation of the price above the level, which will give a medium-term potential for further growth

GC1! MGC1! US500 DXY

Regards R. Linda!