GOLD → Growth could continue, but there are conditions....

19 Okt 2023

XAUUSD is testing the resistance area mentioned earlier.At the moment a narrow consolidation is forming between 153 and 1946, which may determine either a breakout or a correction.

The price is testing the resistance of 1953 in the format of distributive movement. There is a high chance that the price will return behind 1946 and form a false breakout, in which case we will see a fall to the support area. The price is in a global flat and there is a correction, the price can fall to 1928 or 1914.
But again, against the backdrop of a weakening dollar (the question of maintaining or lowering the dollar against the backdrop of weakening inflation is being discussed), against the backdrop of war and crisis in the Middle East and beyond, gold may continue to strengthen after a slight consolidation.
I designate important levels such as: 1953 and 1946. Consolidation above or below these levels will form a potential upside or downside.

Resistance levels: 1953
Support levels: 1946.76

I assume that consolidation or a small correction may follow before further growth

DXY GC1! MGC1! XAGUSD US500

Regards R. Linda!

19 Okt 2023

Nota

we were ready for this growth. The scenario of further growth without a pullback worked. As I said, the break of one of the borders will lead us to further growth or fall. What we see is that the resistance breakout strategy is working. The price goes almost 200 pips up

20 Okt 2023

Nota

Gold reaches the previously mentioned target. Quite predictable and adequate movement on the background of my analysis

Once again a cosolidation is forming in the liquidity corridor. A breakthrough of one of the resistances will form a strong impulse to one side or the other.