GOLD → When will the price come out of consolidation?

11 de fev.

XAUUSD closed the trading session with a bearish candlestick on Friday. The asset loses 0.8% for the week, but at the same time it continues to stay inside the range between the strong boundaries of 2067 and 2010.


Pic: Uptrend in the market. Price is testing trend support

The dollar continues to strengthen, testing support as part of the correction and apparently preparing for further growth, which may temporarily have a negative impact on gold. But, if you look closely, technically, gold, on the background of increased interest feels quite confident and the market is trying not to succumb to strong manipulations on the part of the growing dollar.

On Friday XAU is testing the ascending support again, the session closes below the line, but it is a weak signal within the flat. The 2015 level may influence the sales, but only if this area is broken. At the moment, there are no signs that the market will break 2015.6 in the near future. We need to wait for the retest of this support and see how the price reacts. But based on the fact that 2015.6 is a strong liquidity area, gold will not be able to break this area the first time.


Pic: Gold range on H1-H4

The chart above shows the current range. The price has not yet managed to update the local lows, as well as the highs, as evidenced by the neutrality of forces between buyers and sellers. Against the background of the local situation: dollar growth, negative fundamental background for gold, we can determine that in the coming week gold may test flat support before further rebound (or false breakdown), after which the price may continue trading within this range.

The reason for continued consolidation: there is no strong news in the market, the dollar continues to rise as the Fed is not looking to cut rates anytime soon, but buyers are actively trying to contain the declines in gold. The interest in gold is also affected by the interest of the world central banks, as well as the geopolitical crisis, as well as rumors of a banking crisis in the United States.

Regards R. Linda!

11 de fev.

Nota

In the coming week, starting on Tuesday, we will start to encounter important news that could affect both the dollar and gold.

Overall, on CPI, the market is expecting neutral to positive data
On Retail Sales and Initial Jobless Claims, the market is expecting negative data for the $, amid an unclear political environment.
But Friday's PPI, if higher than expected, may cheer up the USD index a bit, as well as the SP500.

11 de fev.

Nota

From the opening of the session gold may test the resistance of 2029 from which the further situation will depend. Either it will be a rebound and further fall, or a breakout and growth (false breakdown of global ascending support)