GOLD → Profit-taking and another war. Opening with a GAP?

14 Apr 2024

XAUUSD updates another high to 2431.4 and then begins to shed heavily amid profit taking by traders. The weekend also proved to be fundamentally important for the markets, which may react strongly.



Most of the nearly $100 drop is due to profit taking by traders as the price reaches psychological levels, but the drop to 2300-2350 allows to find new buyers at relatively cheap prices. From Saturday to Sunday the next and not unimportant armed conflict between Iran and Israel is developing, which in general can affect the prices of commodities and futures quite strongly.
On H1 the price is declining to the trend support and is testing the liquidity area of 2330-2350. In all likelihood, the market may open with a gap on Monday amid the crisis in the Middle East. The area below 2328 may still remain protected and play an important role in price formation.

Resistance levels: 2354, 2400, 2428
Support levels: 2328, 2303

Fundamentally everything is quite complicated and not stable, Gold still plays an important role as a hedge asset and interest in the metal is getting stronger, the growth from 2300-2350 is likely to continue

GC1! DXY MGC1!

Regards R. Linda!

14 Apr 2024

Nota

The market may perceive the situation differently. But in a crisis, people always think about security, including the security of money

14 Apr 2024

Nota

All attention to the opening. The last two days were not calm, the market reaction will definitely be and I wonder what it will be...

14 Apr 2024

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