GOLD → False break of bullish range support ↑

23 Jul 2024

XAUUSD is forming a false breakdown of the previously mentioned range - 2390 - 2400. The return to the buying zone is forming, buyers can push the price to 2450

A reversal swing pattern is forming in relation to the support, which is evidence of buyers' strength. The fundamental background is still unstable, there are many nuances from the Fed and the US presidential race, the geopolitical background in the Middle East and Eastern Europe is relatively stable. Today there is no news and in general we can bet on the work of technical analysis.
Technically, if the bulls hold the defense above 2400-2405, then in the medium term we should expect an upward movement towards local liquidity zones as well as towards the upper boundary of the range.

Resistance levels: 2405, 2412, 2420
Support levels: 2400, 2392

The market confirms the presence of the range, it is not excluded that the price may go down, but at the moment the situation looks like the bulls are actively defending the lower boundary of the range, which determines the short-term and medium-term prospects....

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

Regards R. Linda!

23 Jul 2024

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