GOLD → Testing the highs. News ahead. What's next?

23 Sep

XAUUSD is getting shaken on the background of dollar growth on Monday. A false breakdown is forming relative to last week's high. The trend is bullish, but before the strong news there may be a minute of panic....



Yields on 10-year U.S. Treasury bonds are rising on the back of falling interest rates, boosting the U.S. dollar. This is an unpredictable scenario, because something is not going the way everyone was expecting. Further movement depends on the Euro and US PMI data. If the PMI will again cause fears of recession in the world, the recovery of the US dollar, will change the local structure of the markets, which will cause a new correction in the price of gold from record highs. Also the focus on the escalation of geopolitical tensions in the Middle East...

Resistance levels: 2625, 2631, 2650
Support levels: 2614, 2602, 2589

Technically, a correction may follow from 2625 as locally there are preconditions for panic on the background of approaching news. Traders may resort to profit taking, which will contribute to the correction. BUT, if gold continues its active recovery, a break of 2631 will open the potential for a rise to 2640-2650.

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!