GOLD → The calm before the next surge.

17 Jul 2023

XAUUSD since the opening of the session is forming a correction that may lead the price to the previously broken channel boundary, but on the high timeframe the instrument shows the prerequisites for bullish dynamics

While the dollar index is strongly losing its positions the market feels it. Gold after consolidation at resistance is forming a correction to increase liquidity. A false break of the channel support may form an impulse to the resistance of 1960 - 1963
Gold is smoothly changing the trend and a break of the bullish channel resistance confirms the market's intentions.
For us an important area for opening a long position will be the break of resistance 1960-1963. In this case the market will get the potential for another bullish rally.
Earlier a breakout of MA-50 was formed and now the price is retesting it, a rebound to 1953 is possible before further growth.

Support levels: 1953, 1950, 1946
Resistance levels: 1959.8, 1963
I expect that consolidation or correction will continue for some time, but as soon as the price starts to retest or enters the phase of pre-breakout consolidation, we should wait for a breakout of the resistance area with further growth to 1970.

Regards R. Linda!

18 Jul 2023

Nota

The action is happening according to the scenario!
Growth after a false breakout and touching the previously broken channel boundary