GOLD → The correction phase continues

24 Okt 2023

XAUUSD amid resistance retest confirms the significance of the strong level. The correction or consolidation continues. The price is heading towards 1964

The global trend is upward, the fundamentals are quite strong on the market amid conflicts in the middle east. The price, since the conflict started, is consolidating by 9% and 167 dollars, but the resistance of 1984 so far manages to derive a strong distributive movement. I have been focusing on the 1984 level for the past few days, a level that is significant because there is a fairly serious amount of liquidity above it that will not let price through the first time. To break through this area, the market needs to increase the volume, which is what the big players are doing - correction and consolidation. I expect the continuation of growth to 1984 from the level of 1964, 1953 or from 1933. It is important to watch the price reaction to the levels. False breakout and consolidation above the level will be a preliminary signal for us.



Resistance levels: 1984
Support levels: 1964, 1953, 1933

I assume that the corrective phase of the market is not over yet. The chart shows the support levels to emphasize.

XAGUSD GC1! DXY US500

Regards R. Linda!