GOLD → False breakdown and retest give mid-term targets

10 de set. de 2023

XAUUSD is forming a signal that gives us insight into further medium-term potential. The market is trading within a descending price channel. Strong DXY continues to put pressure on the XAU price

There is quite a lot of news published in the coming week. It is worth paying your attention to the following:

• 13.09:
  
• Core CPI
  
• CPI (MoM) & (YoY)
  14.09:
  
• Core Retail Sales
  
• Initial Jobless Claims
  
• PPI
  

On the global timeframe we see a broad sideways flat formation. At the moment there is a potential for a decline towards 1800 in the medium term, and even towards 1700 or 1600 in the long term - standard trading strategies determine the trading potential within the flat.



On the daily timeframe we see a false breakdown of the descending channel resistance. After two bearish candles the market forms a shakeout and a retest of the trend resistance, but a new signal is formed - a candlestick pattern with a long candle, which is also a prerequisite for a red market.
Local support level is 1915, in the first half of the trading week the market may test this area with a high probability of further breakout and realization of accumulated potential for further decline to the lower boundary of the channel or flat

GOLD GOLD DXY XAUUSD GC1!

Regards R. Linda!