GOLD → The price may continue to rise, but only after...

25 Okt 2023

XAUUSD continues to consolidate inside the 1984-1964 range. The correction and consolidation will end when one or another range boundary is broken, but my opinion is that resistance may be broken ;)



On the senior timeframe, we can see that the price is bumping into a strong resistance. If we abstract from all the fundamental horrors and analyze only technical analysis, then in this case the price from resistance could head towards the global range support - approximate area 1920-1900. But, since we have a geopolitical crisis related to the wars in the Middle East and Eastern Europe, it is likely that gold, when retesting one of the important supports, and I have indicated them on the main chart, could again head upwards, testing the range resistance for a breakout.

At the moment, gold has an increased interest, as everyone considers it a safe asset in unstable times and money from the whole market is smoothly flowing into the metal.
On H1 I pointed out the local correction and important support levels: 1964, 1953. The price may test them by a false breakout before further growth

Resistance levels: 1977.5, 1984, channel resistance
Support levels: 1964, 1953

I expect the continuation of consolidation with the subsequent retest of resistance, breakout of the line and growth to 2000

XAUUSD GC1! MGC1! XAGUSD SI1! US500 DXY

Regards R. Linda!

25 Okt 2023

Nota

Gold is testing support. Everything is strictly according to the script.

After the test of support a retest of resistance is formed. The level is broken.
The next scenario - break of 1984, consolidation above the level and growth to 2000 and 2025