GOLD → Possible scenarios for the situation

20 Jun 2023

XAUUSD still looks quite bearish. The bulls continue to hold the 1939 level and then we are reminded of the Market Maker traps. What could happen?

We continue to see a strong consolidation, which is formed by dynamic sellers and limit buyers, who put limit orders in the 1939 area (there was a false breakout earlier).
There is a huge volume of liquidity, and a breakthrough on one side of the range will form a strong surge of volatility and volume. Below I would like to offer some scenarios, which, in my opinion, are relevant at the moment:


Everything depends on how the price behaves near one of the key levels.
It could be a rebound, a breakout, or a false breakout, but at the moment I look at gold as an instrument that is getting ready to fall.



Support levels: 1947, 1939
Resistance levels: SMA50, range resistance, SMA200
I expect that resistance will affect the price predictably and we will see the price continue to fall to 1939 followed by the possibility of a support breakout.

Regards R. Linda!

21 Jun 2023

Nota

Price is breaking triangle support. The main scenario is triggering.
Consolidation below the level is forming. If the bears hold positions, the fall will continue