GOLD → The market is buyback the fall. Increased interest

2 de nov. de 2023

XAUUSD is strengthening on the back of a weakening dollar, which is not updating highs but forming a bounce off resistance, which is affecting gold. The market lacks resolve and so does Powell. The rate remains unchanged, the dollar is in consolidation and waiting for NFP



ADP Nonfarm E.C. and ISM Manufacturiong PMI come out with worse than expected data, which affects the result accordingly. The dollar tests the resistance of 107 and falls, which affects the gold - the price is shaken down and recovers again.
Initial Jobless Claims are published today. The market is waiting for this data, because it will be possible to predict the price behavior until the end of the week, and I remind you that we have NFP on Friday.
From the technical analysis point of view, a retest of the previously broken level is forming on D1. After the news, the market buyback the fall, thus forming a pin-bar against 1981.68, which gives us a bullish premise for possible growth. Against the bullish trend, every broken resistance will become a support sooner or later.
On the local timeframe, I expect price to strengthen from 1984.4 towards 1997, then towards 2008.

Support levels: 1984.4
Resistance levels: 1997.3, 2005, 2008.7

Most likely, the growth may continue towards these targets, but before that, within the consolidation, there may be deep corrections and false breakdowns

GC1! MGC1! US500 DXY XAGUSD SI1!

Regards R. Linda!